Forum Group creditor’s report: $353 million in debts and little hope of recovery

·

The company that alleged fraudster Bill Papas planned to list on the ASX was woefully unprofitable, and would likely never have been solvent if it hadn’t received millions in dollars allegedly stolen from Westpac and other lenders, The Sydney Morning Herald reports.

A damning report into the fortunes of Mr Papas’ Iugis business prepared by liquidators from McGrathNicol shows the promotional claims of the company did not reflect its actual business, with the group only renting out 280 waste digesters to companies around the country.

“Iugis generated insufficient revenue and cash-flow from its legitimate food waste digesters business at any point to meet its financial obligations,” McGrathNicol liquidators, Jason Preston, Jason Ireland and Katherine Sozou, said in their report.

READ MORE: Bill Papas’ cousins Eric and Bill Constantinidis caught up in Forum Finance investigation.

Bill Papas.

“The Iugis entities were dependent on funding from other entities such as FGFS (Forum Group Financial Services) and Forum Enviro, which, based on the investigations of the liquidators, were in turn reliant on funds from the operation of the alleged fraud.”

Mr Papas and his finance business Forum Finance have been accused of orchestrating a $500 million fraud on Westpac and other lenders including Sumitomo and Société Générale.

The banks allege the fraud began at least in mid-2018, but liquidators suspect the business may have begun its allegedly fraudulent scheme as early as 2013.

READ MORE: Bill Papas fraud may have started in 2013, explosive Forum report finds.

Liquidators have received proof of debts from creditors totalling $353 million. Their investigations continue.

Source: The Sydney Morning Herald.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

From Metallica to Maritime: The many lives of Greek shipping tycoon Harry Vafias

Though Greek shipping tycoon, Harry Vafias, spends much time working, it certainly isn't a case of 'all work and no play.’

‘I want them to know their word matters’: Peter Georgiou stands against gender violence

Peter Georgiou, a real estate agent from Rushcutters Bay and father of four-year-old twins Leila and Lola, believes change begins at home.

Thessaloniki’s Byzantine walls to shine with new light project

Thessaloniki’s iconic Byzantine Walls are set to be illuminated under a major cultural initiative announced by the Greek Ministry of Culture.

Greek World Heritage Cities face rising climate threats

Iconic Greek cities—Athens, Thessaloniki, Corfu, Rhodes, and Patmos—face serious climate threats, according to a new UNESCO-backed report.

Are apps like Duolingo enough to learn Greek, or do we need a tutor?

For many people who want to learn conversational Greek, an app, can be a very useful addition to your program.

You May Also Like

Norway to host Greece in men’s rugby international

In their first home fixture since 2018, Norway’s men will face Greece in a senior men’s rugby league international for world ranking points.

European Parliament rejects resumption of Turkey’s EU accession talks

The European Parliament voted on Wednesday, May 7, to maintain its position against restarting EU accession talks with Turkey.

Dance instructors from Crete hold workshops with Sydney’s Cretan community

The Cretan Association of Sydney and NSW held dance workshops with dance instructors Sifi Viglakis and Eleftheria Manioudakis from Crete.