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Ray White Capital, its chief executive and law firm Mallesons are being sued over a private credit loan with an alleged side deal to allow a developer to pay off his personal debts before his company collapsed, while smaller secured lenders were wiped out.
Liquidators Cor Cordis, who were appointed to failed property development group FSM in 2024, filed against RWC, chief executive George Ajaka, RWC partner David Mao, Mallesons, private lender Keyview Financial and others, in the Federal Court after a $41 million loan facility was organised for developer Frank Guo.
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