Bill Papas spotted relaxing in Greece as judgement day looms on fraud case

·

Alleged fraudster Bill Papas has been spotted relaxing in Greece just days before an Australian court set a judgement date for his $500 million Forum Finance alleged fraud case.

Papas has been overseas since June 2021 after he fled Australia for Greece after Westpac discovered an allegedly massive fraud perpetrated on the bank through allegedly fake asset financing agreements.

Westpac claims that Papas’ Forum Group orchestrated a fraudulent lease scheme, resulting in the bank, Societe Generale, and Sumitomo Mitsui Banking Corporation handing over $500 million for printers, office equipment, and waste digester machines that allegedly didn’t exist.

The alleged scheme went undetected for years because Forum consistently made lease payments, only coming to light after a customer inquired about their loan headroom with Westpac.

Papas allegedly sketched out the fraud in a notebook, which was seized during a raid on Forum’s office by lawyers. He also allegedly used some of the money from the Forum fraud to purchase luxury properties in Greece and a Superleague 2 team Xanthi FC.

Bill Papas (President Xanthi FC), Tony Popovic and Damon Hanlin (former Board Member Xanthi FC).

On Wednesday, the Federal Court of Australia confirmed it would deliver judgement on the Forum Finance case in October 2024, about 20 months after hearings finished.

A court spokesman said the delays in delivering a judgement on the case were due to Justice Elizabeth Cheeseman sustaining serious injuries in a car crash shortly after arguments concluded in February last year.

Throughout the whole fraud case, Papas has remained overseas and is currently enjoying a Greek summer – as evident from pictures obtained by The Greek Herald.

Bill Papas in Greece
Bill Papas has been spotted relaxing on a beach in Greece. Photo copyright The Greek Herald.

The outcome of the case could set in motion further efforts to recover funds from companies in the Forum Group or associated with figures within the business.

NSW Police have also held an open file on the alleged fraud, with the fraud squad awaiting the outcome of Justice Cheeseman’s judgement.

Source: The Australian

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Dr Christos Theologos: ‘Dance keeps us bound to our roots, from Chios to Sydney’

As part of the Zeibekiko Festival Australia, respected folklorist Dr Christos Theologos will lead a series of lectures and workshops.

South Melbourne turns to supporters ahead of Australian Championship kick-off

The opening clash of the Australian Championship will be an event shaped by the voices of the fans themselves.

Low birth rates and ageing: The silent enemy of the Greek nation

From the late 1990s it had become clear to Greek demographers and social scientists that the number of births in Greece was falling.

Peta Trimis: The new star of Australian football with a Hellenic soul

At just 19 years old, Peta Trimis is already being hailed as one of the brightest young stars of Australian football.

A second chance at life: Angelo Alateras’ journey from mechanical heart to transplant hope

After years on life support, 80kgs lost, and 615 days of physio, Angelo finally received the gift of a new heart.

You May Also Like

Tributes flow in for two British teens killed in Greek parasailing accident

Cousins Michael Connelly, 13, and Jessica Hayes, 15, from Northamptonshire, died on Wednesday after their parachute rope snapped.

Field of candidates announced for 2025 Greek Community of Melbourne Board election

Greek Community of Melbourne has officially called elections for a new Board of Directors, with members set to head to the polls on June 29.

‘Her door was always open’: This is the life story of the late Drosoula Agius

Maria Lucarini has written this story for The Greek Herald in memory of her late dear mother Drosoula Agius nee Tsakonas.