ONE of Australia’s oldest cattle farms has found itself in the middle of a Chinese ponzi scheme and a political corruption scandal.
Currabubula Station, 30km south-west of Tamworth NSW, was used by Chinese-owned company United World Enterprises to lure retirees into investing up to $46 million for fake agritourism and aged-care village schemes, an explosive ABC report has revealed.
Disgraced former NSW MP Darryl Maguire sold his services to UWE to lend credibility to the dodgy business, which landed him at the centre of a corruption investigation. However, there is no evidence Mr Maguire was aware UWE was operating a ponzi scheme.
The $7.5-million station was owned by Jimmy Lui, the man behind UWE, however the cattle farm is now under new ownership.
Since 2012, UWE exported Australian agricultural products to China at high margins, such as beef, wheat, barley and cotton.
Although it was billed as an early success story in the new market, grain trader and…