Forum Finance CEO Bill Papas to front Westpac fraud allegations tomorrow
Forum Finance CEO and soccer heavyweight Bill Papas will face Westpac in the Federal Court tomorrow on major fraud allegations, although it is still unclear whether Mr Papas will physically attend the hearing.
Westpac has taken civil legal action against leasing group
Forum Finance and Mr Papas, relating to alleged fraud in excess of $294
million.
Westpac is making submissions to the Federal Court and is
requesting the appointment of a provisional liquidator to Forum Finance.
Forum and Mr Papas’ barristers are claiming provisional
liquidation was unnecessary given there were asset freezing orders already in
place connected to Forum and Mr Papas, however Judge Michael Lee would not
delay tomorrow’s hearing.
Mr Papas is yet to file a defence to the court, and his
return to Australia to front the fraud allegations is uncertain, given
inquiries made about his flight itinerary.
Mr Papas’ solicitor Rocco Panetta told the court on
Wednesday his client was committed to returning to Australia to address the
serious fraud allegations and would arrive on Saturday.
“I understand he’s in Europe and in transit making his way
back to Australia … I understand he was in Greece, I don’t know where he is
now. I think he is moving to other countries to make his way back here,” Mr
Panetta told the court.
“He sent me a screenshot of his booking, his flight booking
… He’s (Mr Papas) said to be (flying) Japan Airways from Dubai to Sydney,
coming back Saturday. It says on this itinerary from Athens”.
When asked about the flight numbers and times, Mr Panetta said
the screenshot did not show those details of Mr Papas’ flights.
GCT has made enquiries on Japan Airlines flights online and
contacted the airline, with no indication of upcoming scheduled flights from
Athens to Dubai and then to Sydney. This raises questions around Mr Papas’
itinerary.
On Wednesday, two days before the scheduled hearing, Justice
Michael Lee noted “curious aspects” of Mr Panetta’s statements and emphasised
Mr Papas had already missed several court deadlines. He said Mr. Papas could
participate in proceedings with the court electronically on Friday to express
arguments in his defence, or on the appointment of provisional liquidators.
Justice Lee also made an order restricting Forum
representatives “from deleting or altering”, other than in the usual course of
business, any data held on servers that may be relevant to the court case.
On Wednesday, Mr Panetta said Mr Papas would not disclose
his exact location.
“Presently the solicitor understands that Mr Papas has an
intention to return, and this intention has been confirmed by somebody
described as his girlfriend,” the judge added.
“But we are left at present in the position that Mr Papas is
somewhere in Europe, yet refuses to tell even his solicitor his location”.
Mr Papas is expected to return to Australia on Saturday,
after being uncontactable by Westpac since mid-June.
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