Alleged fraudster claims he’s too poor to fly home to answer accusations

The soccer identity at the centre of $400 million fraud allegations says he doesn’t have enough money to fly home, a court has heard.

Westpac is pursuing Forum Finance and its owners in the Federal Court over allegations that it orchestrated a massive multimillion-dollar fraud by impersonating customers.

The bank is seeking to recover some of its losses from Forum Finance and its director, the former president of Sydney Olympic, Bill Papas.

The court had previously heard that Mr Papas had been booked to fly from Athens to Sydney to answer the allegations and that he wanted to “clear his name”.

The court had also previously ordered that he give an affidavit spelling out his assets.

Mr Papas had previously failed to disclose any of his assets, save for his Rozelle home in inner western Sydney.

His affidavit was set to be provided to Westpac’s lawyers when the matter was mentioned in court on Wednesday afternoon.

However lawyers for Westpac launched a sharp rebuke of Mr Papas after they said they were hamstrung by his failure to provide an affidavit.

As well, Westpac barrister Jeremy Giles said that the court had previously been told that Mr Papas’ Australian-based girlfriend Louise Agostino had booked for him a return flight to Sydney.

However Mr Giles was angered after a picture of Mr Papas lounging with Ms Agostino in the northern Greek seaside town of Thessaloniki was published in the Australian Financial Review.

The Rozelle residence of Forum Finance managing director Bill Papas.Source:Supplied

“It appears that rather than Ms Agostino arranging Mr Papas’ return, she was successfully arranging her departure,” Mr Giles said.

“And one finds splashed in the media pictures of Mr Papas and Ms Agostino in Thessaloniki which is said to be current.

“It’s beyond not good enough.”

He went on to accuse Mr Papas of flouting the court’s orders and preventing Westpac from gaining a clear picture of his assets so that it can begin the process of attempting to recoup its losses.

Federal Court Justice Michael Lee earlier this month placed the company into liquidation.

Barrister Jim Johnson, acting for Mr Papas, said that his client had prepared an affidavit and would in the coming 24 hours see a notary so that he could provide it to the court.

Forum Finance director Bill Papas claims he can’t return to Australia because he’s run out of money.Source:Supplied

Mr Johnson said he had also been told that Mr Papas was having trouble getting back to Australia because he had run out of money and could not get a flight home because of the government’s returning traveller cap.

“I’ve sought instructions from my instructing solicitor, who instructs me that Mr Papas told him last night that he is returning,” Mr Johnson said.

“He needs money for increased living expenses and a return ticket paid for. He can’t get a flight without money and flights are limited.”

Mr Giles did not make an application for Mr Papas to be held in contempt.

However Justice Lee said he was worried by what appeared to be a case of a “longstanding flouting of the court’s orders.”

Justice Lee stood the matter over to Friday for Mr Papas to provide his affidavit.

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