Beyond not good enough Alleged Westpac fraudster slammed in court

Alleged Westpac fraudster Bill Papas could be facing contempt of court proceedings after being accused of persistently flouting court orders while also refusing to return to Australia unless he received more money to fund his lifestyle and return tickets to Greece.

Mr Papas and his company Forum Finance stand accused of forging signatures and falsifying documents to defraud Westpac out of at least $400 million in loans, in what has been described as Australia’s largest banking fraud.

Westpac was back in court on Thursday asking again for a list of Mr Papas’ assets, which he has repeatedly promised to hand over. Mr Papas has also pledged to return to Australia on more than one occasion, but remains holed up in an apartment in the Greek seaside town of Thessaloniki.

Alleged fraudster Bill Papas has told his lawyer he intends to return to Australia but needs more money for living expenses and to book a flight.Credit:

Westpac’s lawyer Jeremy Giles SC said he would not apply for a contempt of court order at this stage, but described Mr Papas’ behaviour as “beyond not good enough” and that evidence provided by Mr Papas’ lawyers had proved to be “singularly unreliable”, though he was quick to blame Mr Papas and not his legal team for the breaches.

Mr Giles said he was reluctant to file a contempt of court motion when Mr Papas was not in the country, adding he wanted Mr Papas to file a defence to the matter as he wanted a substantive judgment, so he could have it registered and enforced in Greece.

“It could be that I’m doing nothing more than having a whinge your honour but it really is highly troubling,” he said.

Mr Giles also said he was particularly concerned to hear press reports that Mr Papas had been joined in Greece by his girlfriend Louise Agostino despite the court hearing previously that she was arranging Mr Papas’s return to Australia. “Instead of arranging his return she was successfully arranging her departure,” he said.

On hearing Mr Giles’s complaint, Justice Michael Lee quizzed Mr Papas’s barrister Jim Johson over the conduct of is client. “I made it clear that it was entirely unsatisfactory and gave your client one more chance.”

Mr Johnson told the court Mr Papas’ solicitors had heard from Mr Papas on Wednesday night and he was still keen to return to Australia and was preparing a formal list of all of his assets and liabilities as ordered in relation to freezing orders over his assets.

“Mr Papas was seeing a notary tomorrow to executive those documents with the view to them being returned to Australia and filed,” Mr Johnson said.

“I sought instruction from my solicitor who instructs me that Mr Papas told him last night that he is returning but he needs increased money for living expenses and a return ticket paid for, he can’t get a flight without money and flights are limited.”

The court heard earlier in the month that Mr Papas had booked a Japan Airways flight back to Australia from Athens via Dubai to arrive on the weekend of July 10 to face the allegations. However, Mr Papas never boarded the flight and his lawyers later told the court he had contracted COVID-19.

Mr Papas has repeatedly failed to produce a defence or list of assets, which his lawyers said was caused by technology problems as he travelled across Greece to board the return flight.

Justice Lee said Mr Papas had been given “one last chance” to produce a list of assets. “I consider it to be a persistent flouting of the orders of the court for no demonstrated reasons on evidence.”

The case continues.

Sarah Danckert is a business reporter who specialises in investigations and corporate wrongdoing. She is a two-time Walkley Award winner, and has won five Quill Awards and two Kennedy Awards.

Charlotte Grieve is a reporter for The Age.

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