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Westpac wants Forum Finance founder Bill Papas held in contempt of court, but the bank has hit a snag in serving its motion on the missing Papas, saying he dropped his lawyers without telling them the address of his current residence in Greece.
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.
A ruling this week that rejected the first application for a group costs order in a class action because the applicants were better off with their existing no win, no fee arrangement was the right decision given the limits of the legislation, experts say.
Saying the interests of class action members "must be given primacy", a judge has rejected the first bid for a group costs order in a class action since contingency fee legislation passed in Victoria.
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.
A judge has expanded a freezing order over assets owned by Forum Finance director Vincenzo Tesoriero to include property outside Australia, including a yacht in Miami dubbed “XOXO”, after Westpac raised concerns about non-disclosure.
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.