The scion of one of Australia’s largest real estate groups has faced allegations his private credit lending firm induced a property developer into a loan, which made a development insolvent as soon as it was signed.
Dan White, founder and executive chair of Ray White Capital, took the stand in the Federal Court on Friday to face those allegations. It was alleged that the developer Frank Guo was advanced funds from the loan facility to pay off shareholder loans, including to himself, friends and family, and split some associated fees with Ray White Capital.
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