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

From passion to production: Steven Koutzoumis launches SoundCult studio in Sydney

In the heart of Beverly Hills, a fresh sound is taking shape - and it’s being led by young Greek Australian Steven Koutzoumis who has a vision

Greek immersion in the early years pays off for Year 8 student Mariah Palaktsoglou

Year 8 student Mariah Palaktsoglou won the Hellenic Dreaming High School Short Story Competition held by the Greek Museum of Adelaide Inc.

Faith, family and football: The making of Nectarios Triantis

Growing up in a bustling Greek Australian household in Sydney, footballer Nectarios Triantis was never far from a football - or chaos.

Bella Spasis’ big deal: Live music in Victoria set to thrive

Greek-Victorian bar owner, Isabella (Bella) Spasis, hosted a remarkable event at her venue, ‘The Dog’s Bar’ early on Sunday morning, July 6.

GOCNSW Home for the Aged welcomes Consul General and celebrates its donors

The Greek Orthodox Community Home for the Aged played host to the Consul General of Greece in Sydney and some of its major donors.

You May Also Like

Brisbane Roar sign young forward Nathan Amanatidis

Brisbane Roar have secured the services of 19-year-old forward Nathan Amanatidis on a two-and-a-half-year contract.

Team Greece set to return for new-look United Cup in Australia

Team Greece is set to return for Australia’s United Cup, the mixed team event in Perth and Sydney from 29 December to 7 January 2024.

Peter Zaparas named one of Australia’s leading work injury compensation lawyers

Zaparas was listed as only one of four lawyers in Australia for the Preeminent award category, recognising the high level of expertise and client care given by Peter.