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Papas is lying about assets – Westpac

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Westpac is accusing the alleged architect of a $400 million fraud of lying in court documents.

Forum Finance head and football personality Bill Papas dodged contempt of court charges Friday after finally sending a long-overdue list of assets to the Federal Court, according to a report by The Sydney Morning Herald. However, Westpac lawyers told the court that the bank has “grave concerns” about the accuracy of Papas’ affidavit.

“We simply don’t accept that as being an accurate statement, and we will in due course lead evidence of payments out of the Forum Group Financial Services account to Mazcom of circa $2 million in mid-June this year,” Westpac’s counsel, Jeremy Giles SC, told the court. “Even at a tolerably superficial level, we have grave concerns, your honour.”

The details of the Xanthi FC owner’s assets and liabilities are currently subject to an interim suppression order. Federal Court Justice Michael Lee will hear arguments about releasing the documents this week, according to the Herald.

Read more: Alleged Westpac fraudster wants money to return to Australia

Papas and his company, Forum Finance, have been accused of stealing at least $400 million by falsifying documents and signatures to illegally obtain loans from Westpac and other banks. Papas, currently in Greece, failed to return to Australia after saying he would come back, first claiming a positive COVID-19 test and then demanding money to fund his living expenses and a prepaid return ticket to Greece.

Both Lee and Westpac’s lawyers have previously slammed Papas for repeatedly missing deadlines to detail his assets.

Ryan SmithRyan Smith is currently an executive editor at Key Media, where he started as a journalist in 2013. He has since he worked his way up to managing editor and is now an executive editor. He edits content for several B2B publications across the U.S., Canada, Australia, and New Zealand. He also writes feature content for trade publications for the insurance and mortgage industries.
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