iProsperity was part of a group of 38 companies, which Mr Huang and Mr Gu were involved in as directors, officers and shareholders. The business operated a real estate and fund management business for rich foreign investors.
Court documents obtained by the Financial Review, show LZYH is 100 per cent owned by Fanhua Bo, who is Mr Huang’s wife. She is the sole director of the company. Mr Huang was the former sole shareholder and director until July 2019.
The court documents allege from October 17, 2016 to August 9, 2018, Mr Huang received payments from iProsperity of $22,030,736 into his personal bank account. Between August 10, 2018 and June 30, 2020, it is alleged he received a further $23,045,000.
The claim alleges these funds were largely used for acquiring assets in his own name or for associated people, entities or for gambling.
LZYH entered a contact for the Zetland property in 2015, making a deposit of just over $100,000, the property was an off-the-plan purchase and was not settled until June 2019.
The court documents alleged Mr Huang transferred $150,000 on May 27, 2019, and a further $200,000 on June 3, 2019, into his personal account. On June 4, 2019, a little under $320,000 was paid to complete the settlement of the Zetland property contract for LZYH Investments.
“The Property was at all material times intended to be and was in fact rented after settlement, in order to pay the NAB Loan from rental proceeds, which has occurred. The impugned sum constitutes 75 per…
