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Westpac to launch court action in Greece against Bill Papas

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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.

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