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.
The director of the Forum Group companies accused of a $360 million fraud involving at least three major banks can’t return to Australia from Greece because he has COVID-19, his lawyer has told the Federal Court.
The director of Forum Finance, which has been accused by Westpac and Societe Generale of a $263 million fraud, is in Europe and will return to Australia over the weekend, although he has refused to tell his lawyer his exact location, a court has heard.
Law firm HWL Ebsworth says it has avoided any negative financial impact from its connection with Sydney financial firm Forum Finance, which has been accused by Westpac of a $263 million fraud.
Westpac and French investment bank Societe Generale have obtained freezing orders over $263 million in assets in fraud cases brought against a Sydney software firm and its director, with a court hearing that other financial institutions may also be at risk from the alleged fraud.
A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.
The judge overseeing the first ever bid for a group costs order in a class action that will give the plaintiff’s law firm a percentage cut of the proceeds has urged the firm to rethink characterising its own solicitor as an expert.