Westpac to launch court action in Greece against Bill Papas

·

Westpac has won permission from an Australian court to launch legal action in Greece to enforce freezing orders over the international assets of alleged fraudster Bill Papas, The Sydney Morning Herald reports.

Westpac’s lawyers in Greece have already met with Mr Papas and Greek sporting authorities.

During the meeting, Mr Papas reportedly said he still owns Xanthi FC despite telling the Federal Court last year he sold his stake in the company that owns the club.

READ MORE: Bill Papas appears at Xanthi FC game in Greece despite arrest warrant.

Bill Papas at a Xanthi FC game. Photo: The Australian.

This comes as Westpac also secured Federal Court orders to also freeze the assets of Mr Papas’ girlfriend Louise Agostino, after she agreed to sell her one-bedroom apartment in Rozelle, Sydney.

Mr Papas resides in Greece with Ms Agostino after he fled Australia in the days before Westpac and two other lenders, Société Générale and Sumitomo, filed Federal Court civil action accusing him and his company Forum Finance of orchestrating a $500 million fraud against the banks.

READ MORE: Bill Papas’ cousin, Eric Constantinidis, added to Westpac’s legal case.

A record price is expected for Bill Papas’ waterfront holiday home.

Forum and associated entities were placed in liquidation last year. McGrathNicol recently sold Mr Papas’ luxury Sydney home for about $4.4 million. His two waterfront properties on the NSW Central Coast are on the block.

READ MORE: Record price expected for Bill Papas’ waterfront holiday home.

Federal Court judge Michael Lee last year issued an Australian arrest warrant for Mr Papas, given he had failed to engage with the court. That is expected to trigger an extradition order.

Source: The Sydney Morning Herald.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Crete bears the brunt as severe storms slam Greek islands for second day

Severe storms continued to wreak havoc across Greece on Tuesday, April 1, with Crete bearing the brunt of the heaviest rainfall.

Melina Haritopoulou-Sinanidou: Redefining what it means to be a woman in Neuroscience

From Athens to Australia to the cutting edge of spinal cord research, Melina Haritopoulou-Sinanidou has never taken the easy road.

PRONIA responds to allegations by President of Victoria’s Greek Elderly Federation

PRONIA has responded to serious allegations made by John Kostoulias, President of the Federation of Greek Elderly Citizen Clubs in Victoria

The Cyprus War of Liberation: Honouring the sacrifice for a united and free island

It was to be a bloody cruel war, as the dwindling might of a fading empire became desperate to retain its global status.

Greek Rock to take over Sydney with rousing concert

The realm of Greek Rock is set to take centre stage in Sydney as IHO NYX prepares to thrill with a lively concert.

You May Also Like

Turkey, Greece agree to continue confidence-building efforts with fourth meeting

The Defence Ministries of Greece and Turkey have confirmed that a fourth round of talks will take place between both countries.

Hellenic Lyceum of Sydney celebrate Feast of Ypapanti with family dinner dance

The Hellenic Lyceum of Sydney celebrated the Feast of Panagia Ypapanti with a family dinner on Saturday, February 4.

Top Ten Christmas Kalanda

Christmas Kalanda is a long lived tradition in Greece where young Greek children go door to door singing Christmas Carols!