The Federal Court has issued an arrest warrant for Forum Finance founder Bill Papas for contempt of court for allegedly transferring $720,000 out of one of his companies in breach of a freezing order.
Westpac will serve court documents, including a motion for contempt, on Forum founder Bill Papas by text message after securing a Greek mobile number for the absent accused fraudster, as the judge overseeing the bank’s case pulled up Papas’ former lawyer for treating his courtroom like a “suburban golf club”.
A Forum Finance director is unable to file a defence against Westpac’s $400 million fraud case because his former solicitor has refused to hand over case files to his new lawyers until he pays a “remarkable” $300,000 legal bill, a court has heard.
The NSW Police have commenced an investigation into Forum Finance and director Bill Papas, which have been accused by Westpac, French investment bank Societe Generale and Japanese bank SMBC of a $400 million fraud.
Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.
Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.
Westpac has told the Federal Court it has “grave concerns” about Forum Group founder Bill Papas’ evidence of his assets, contained in affidavits lodged on Thursday after weeks of non-compliance with a judge’s orders.
Forum Group director Bill Papas intends to return to Australia to face $400 million fraud allegations but doesn’t have the funds for a flight home, his lawyer told the Federal Court Wednesday.
A judge has issued an ultimatum to Forum Finance director Bill Papas for his “entirely unsatisfactory” conduct in failing to provide details of personal assets while defending three lawsuits that accuse him of being behind a $400 million fraud.
Administrators have lined up a buyer for a Forum Group entity, as a first creditors meeting confirms Westpac has the largest claim to any recoveries after an alleged $400 million fraud by the equipment leasing company.