The combined debts of the 12 entities in liquidation exceed approximately $400 million. One of the challenges has been the scarcity of tangible assets or recoverable loans on the balance sheet to repay creditors, compounded by the difficulty in tracing the source and final allocation of significant funds within iProsperity.

Our team’s extensive investigations have centred on two key avenues:

• Extensive funds tracing to uncover the ultimate flow of funds from iProsperity, potentially leading to actionable claims.
• Continuous scrutiny of iProsperity’s extensive email database (containing circa 1 million documents) to gather evidence for potential claims and substantiate them.

The funds tracing and recovery actions have now identified a potential claim pool exceeding $175 million.

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Our ongoing investigations into the affairs of iProsperity have unearthed claims (none of which were evident on the balance sheet) including:

• Substantial company funds directly (and indirectly) paid to major gambling organisations. Government funding has been secured to conduct public examinations regarding this matter.
• Alleged misappropriation of company funds by directors and officers for property acquisitions leading the liquidators to place caveats over these properties to safeguard assets that were either up for sale or about to be.
• Instances where it would appear that iProsperity funds were used to acquire units in SIV compliant funds for external individual investors, seemingly without benefit to iProsperity.
• Identification of loan, offset and assignment agreements seemingly designed to prevent iProsperity from recovering owed funds.
• Instances where iProsperity funds were used to meet funding shortfalls in property developments in which iProsperity had no vested interest, resulting in no benefit to iProsperity.

This continues to be an ongoing matter, having commenced during the start of the COVID-19 pandemic in 2020.