Two former Capital+Merchant directors would have received 80pc of the profits from a property they are accused of improperly using investor funds to refurbish, the High Court has been told.

An employer who was ripped off by a worker who went on a $700,000 shopping spree is struggling to recover his money because nobody wants to buy the woman's flashy furniture and "tacky" jewellery.

The Serious Fraud Office has taken just one day to throw out a complaint from Affco against the union representing its locked-out workers.