The company at the heart of the Westpac scandal is liquidated

A federal court has ordered the company to be liquidated at the heart of the $ 250 million fraud charges against bank giant Westpac, but the exact whereabouts of its football personality director remain unknown.

Sydney-based Forum Finance allegedly obtained a Westpac loan using false invoices and forged signatures without the consent of at least seven corporate customers of a major bank. Westpac has pursued legal action to liquidate the company in the hope of recouping losses that could amount to hundreds of millions of dollars.

Former Sydney Olympics chairman Bill Papas has agreed to liquidate his company involved in a multi-million dollar Westpack scam. credit:

Forum Finance Director Basil Papadimitriou (aka Bill Papas) misses the court deadline, fails to challenge the company’s allegations, and tells his lawyer where he is right. The court heard that it refused.

In deciding to appoint a liquidator for forum finance, federal court judge Michael Lee said on Friday that there were “real concerns” about Mr. Papas’ ability to run the company. “Neither Forum Finance nor its directors provide coaches or other explanations of what seems to have happened.

“Forum finance seems to be somehow involved in a long-term, calculated and elaborate fraud that ranks high in the corporate fraud catalog,” said Judge Lee. “I haven’t heard from men who seem to be primarily responsible.”


The court heard on Wednesday Mr. Papas booked a Japan Airlines flight from Athens via Dubai to arrive in Sydney on Saturday, but this was not supported by flight details or information on why he first left Australia. Judge Lee described Mr. Papas as “apparently far-reaching,” and said his travel plans were “accidental when things began to unravel with Westpack.”

Both Papas and Forum Finance lawyers have agreed to apply for liquidation and extend the freeze order until next Wednesday. Another respondent to this case, Vincenzo Tesoriero, is listed as the forum chief financial officer who submitted the record to the Australian Securities and Investment Commission.

However, Greg McNally SC, senior counsel on behalf of Mr Tesoliero, said his client offered to resign from the company last April. According to court documents, Mr. Papas has been out of touch with the bank since mid-June after Westpack began inquiring about alleged fraud.

The company at the heart of the Westpac scandal is liquidated

Source link The company at the heart of the Westpac scandal is liquidated

Related Articles

Back to top button