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First Guardian investors could lose all their super savings, as directors splashed out on a $9m mansion and Lamborghini, while pumping client money into illiquid assets and channelling $242m offshore.

Private equity firms Kohlberg Kravis Roberts and Warburg Pincus are among those carrying out early due diligence on La Trobe Financial, the company Brookfield hopes to sell for more than $3bn, writes DataRoom's Bridget Carter.

Meanwhile, ExxonMobil’s local arm Esso has walked back claims of a significant new gas discovery in the Bass Strait after inadvertently overstating the volume of the find, dashing hopes the east coast energy security crisis has been solved.