EXCLUSIVE: Inside LM's financial quagmire
Serious allegations are being made against collapsed Australian fund manager LM Investment Management.
Hot Topic
EARNINGS
Australia's corporate regulator has been handed a report making serious allegations about a fund run by collapsed Australian manager LM Investment Management.
The National Business Review's exclusive, international investigation this week uncovers the allegations put to the Australian Securities and Investment Commission, exposing who is making them and who paid for the report.
Coverage in NBR print edition includes how the Maddison Estate site on the Gold Coast, which was to be the fund's flagship project, is little more than scraped ground – and images of LM founder Kiwi Peter Drake's Gold Coast mansion, which is now for sale.
A Kiwi investor in an LM fund says he would be happy to get 25% of his initial investment.
Full details are in this week's NBR print edition on Friday.
David Williams
Thu, 18 Apr 2013
Thu, 18 Apr 2013
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
EXCLUSIVE: Inside LM's financial quagmire
28781