He pulled a Trump and overvalued his assets and isn’t in court why?
In short, this is how he did it. Giuseppe decided to use accounting wizardry to turn Lakeba from a humble software development company into a high-flying investment company. This allowed him to claim the increase in the value of his multiple separate ventures as revenue, without the need to have much real customer revenue. He hired an “independent” valuer, whose identity remains a secret, who revalued the businesses.
The aim was to launch it on the ASX in a float, and possibly still is.
Source: The amazing Giuseppi Porcelli hits the CEO big-time without the help of a single customer – Michael West