Trying to get to the bottom of it, the most likely scenario I can come up with is
A.Portelli purchases the horse on March 8 at the 2020 APG Sydney Sale, maybe even had Hassan Taiba selecting/doing his bidding. Captain Ravishing goes to the Taiba's property. The credit of A.Portelli does not turn out to be bona fides for the 3 horses purchased in Portelli's name (and several purchased by Tim McLean) and they become the APG's property after the APG pay the breeders of these lots the money they were knocked down for.
They finally reclaim the unpaid lots from Tim McLean and sell them at the 'Weight In Gold Sale' finalized on July 1, 2022 - now unraced/unbroken? 3yo's
Prior to this, Captain Ravishing has somehow been trained up by Ahmed Taiba when in the ownership of APG (did this happen because the Taibas said the funds would be forthcoming?). Obviously Captain Ravishing has not been paid for in full by the time he is entered and has his first start on Dec 21, 2021
Why would APG allow this horse to race - of course it had to be in their name, despite questions as to whether this is actually permissible?
Why would the Taibas want to race the horse in the APG's name?
I am thinking the answer to both these questions might be that there was an agreement between both parties for the purchase of Captain Ravishing - maybe they were paying him off in instalments and there was no ownership transfer until he was paid in full
His second win was still in the APGs's name on Jan 14, 2022 and we cannot be sure when the transfer into Hassan Taiba's name took place except to say that by the time of his 3rd win on Sept 9, 2022 (only 5mths ago) he was in Hassan's name
Tim O'Connor had the opportunity to break the story/reveal all back in Jan 2022 if he had thought to ask about the peculiar ownership for he wrote:
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