According to Central Maine, a Maine news website, Australian developer Monsol (Sebastian Monsour), the Australian developer who offered to buy the (Saddleback Mountain) resort at (Maine) Portland (Portland) in Portland, Maine, has been charged with fraud by Australian police on suspicion of stealing $5 million from a Chinese investor.
It is understood that Majella Group CEO Monsol was arrested Thursday afternoon by Australian police. Before that, police raided his office in Brisbane. Kunzhou police said at a news conference that the arrest follows a "lengthy investigation" into Monsol's alleged embezzlement of $5 million from Chinese investors.
Police are still investigating the flow of money, but say the money spent may be difficult to recover. During the raid, police seized Monsol's financial records and electronic evidence and said Monsol had been taken into custody and would not be released on bail.
It is understood that the suspected fraud of Chinese investor Li Fusheng (Fusheng Li,) has now settled in Australia. He filed a lawsuit against court in December, accusing him of using Australia's visa immigration program to commit fraud.
Ma on Feng Shan Resort was closed about four years ago. Last June, Monsol announced it would buy Mount Anfeng, making it North America's most famous ski resort. The deal is still pending. The media have previously quoted Monsol as saying that Monsol bought the Mount Anfeng Mountain in exchange for an American green card and the family emigrated to the United States.
The Australian real estate developer later said the media coverage was out of context. A recorded dialogue showed that the record took place in a large discussion of financial models. Since then, Mr. Monsol said, business plans to buy and redevelop the Ma on Feng Mountain Resort have been in twists and turns.