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    Investigation

    This Month

    For this Rich Lister, does the reality live up to the hype?

    Property mogul and entrepreneur Shaun Bonett has a fortune of more than $2 billion, according to the Rich List. Those valuations might not live up to the hype.

    • Primrose Riordan and Nick Bonyhady

    April

    Broking bad: ASIC ‘threat’ fears about Morgans revealed

    The corporate cop dealt with problems brewing at leading stockbroker Morgans for three years before a public crackdown. New documents detail the scale of its concern.

    • Liam Walsh

    Jon Adgemis’ high-wire act is coming unstuck

    The former KPMG dealmaker burst onto the hospitality sector after buying up a string of venues. Huge debts and angry lenders are threatening to push it over.

    • Primrose Riordan and Sarah Thompson
    James Mawhinney leaving the Melbourne Magistrates Court on April 9.

    James Mawhinney’s surveillance game of cat and mouse

    While the Financial Review was following James Mawhinney’s investment schemes, it turns out he was trying to follow us.

    • Jonathan Shapiro

    March

    An order for Texas a resident showed a complex web of border levies and taxes.

    Cettire’s Texas hold ’em reveals questions about the value of luxury

    The red-hot ASX-listed retailer appears to have one figure for customs and another for customers when it comes to its products.

    • Jonathan Shapiro and Carrie LaFrenz
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    Laurence Escalante built Virtual Gaming Worlds from the ground up. Its success has underpinned his near $4 billion fortune.

    Laurence Escalante is living large off controversial gambling billions

    At 42, he is one of the country’s youngest billionaires. But Virtual Gaming Worlds investors hoping for a big payday are increasingly concerned it may not come.

    • Updated
    • Primrose Riordan and Zoe Samios
    The Australian Financial Review purchased four items from Cettire, retailing’s runaway success.

    We spent $1300 shopping at Cettire. Here’s what happened

    It’s the buzziest stock on the ASX, thanks to “eye-watering” sales and wide margins. Customer reviews aren’t all so glowing. What’s behind the success?

    • Jonathan Shapiro and Carrie LaFrenz

    February

    The country’s most secretive billionaires are about to get much richer

    Angela Bennett never wanted the family business. The daughter of prospector Peter Wright almost sold it all. Now it’s about to become a bonanza.

    • Primrose Riordan and Tom Rabe

    The $7b hangover: How IAG was sucked into Lex Greensill’s vortex

    One of Australia’s most expensive corporate fights is in court. But how did the insurer targeted in the cases become entangled?

    • Liam Walsh and Jenny Wiggins

    January

    Ken Grace ran Goldsky, a Kingscliff-based hedge fund.

    Kingscliff hedge fund impostor found dead in Sydney hotel

    Ken Grace, the man who created an award-winning hedge fund that raised money from sports stars and locals from Kingscliff, has been found dead.

    • Jonathan Shapiro and Liam Walsh
    • Investigation
    • IPO
    Michael Clarke and Raj Beri.

    The cricket star, the drinks founder and a deal turned bitter

    Entrepreneur Raj Beri hired former Test cricket captain Michael Clarke to help market his company and attract investors. Now, Innovation Beverage Group, the company he founded, is seeking to list on the Nasdaq, and is trying to raise more money from investors.

    • Carrie LaFrenz and Max Mason

    Airwallex sought way around Hong Kong anti-money laundering rules

    The chief executive of the payments giant, backed by Tencent, asked staff if it was possible to “remove” a requirement of customer vetting, messages show.

    • Updated
    • Lucas Baird and Jonathan Shapiro

    December 2023

    No sooner had Leeser said that than Greens senator Mehreen Faruqi circulated on social media a photo of her at a ‘Student Protest for Palestine’ in front of a placard with the words ‘Keep the world clean’ with a drawing of an Israeli flag in a rubbish bin.

    Libs and Labor should put the Greens last over antisemitism

    Australia’s elites in business, the media, and our cultural institutions have for too long humoured the Greens. It’s time for that to stop.

    • John Roskam

    November 2023

    American political turbulence aside, this is a story about what kind of leverage Australia really has in Washington.

    The bizarre group of politicians who flew economy to free Assange

    Barnaby Joyce, who says he doesn’t “terribly like” Julian Assange, is in an alliance of odd political bedfellows campaigning for the WikiLeaks editor’s release.

    • James Curran
    The Ukraine invasion in February 2022 triggered frantic emails for Russian clients of PwC Cyprus.

    Emails show PwC helped Russians dodge sanctions

    Leaked documents reveal how accounting giant PwC’s Cyprus arm scrambled to help Russian oligarchs stay ahead of sanctions in the days after the Ukraine invasion.

    • Neil Chenoweth
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    Big infrastructure projects are fuelling inflation.

    How the states are pushing up mortgage rates

    Big infrastructure builds and the migration surge are adding to inflation pressure on the Reserve Bank.

    • John Kehoe

    September 2023

    Solomon Lew is putting the foot down on growth, including at Smiggle.

    Buffett-like Lew nails Australia’s inflation challenge

    Solomon Lew says the government needs to help battered consumers. But he’s seeing past a tougher environment to chase growth with Peter Alexander and Smiggle.

    • James Thomson

    August 2023

    Sydneysider Mehmet Saral was falsely labelled a terrorist by Turkey and had his Australian bank accounts cut off.

    Aussie citizens cut off by big banks on false terrorism charges

    Sydney man Mehmet Saral is among a dozen people in Australia who have been cut off by ANZ, CBA and Westpac after being falsely labelled by Turkey as a terrorist.

    • Max Mason
    Professor Elizabeth Sheedy, of Macquarie Business School.

    The $500m debacle: How insurer IAG missed risk warnings

    An algorithm that minimised premium falls or rises when policies were renewed put a regulatory minefield underneath some of Australia’s brightest finance stars.

    • Liam Walsh

    July 2023

    Generative AI will amplify these concerns considerably as it can make disinformation more credible and difficult to identify.

    Conscripting big tech to fight disinformation is no threat to free speech

    Claims the government’s bill is about censorship not only misunderstands it but also illustrates a naive understanding of the threats to society and democracy.

    • Rod Sims