The documents also shine a light on the large sums of money received by Mr Papas’ Australian business partner,Vince Tesoriero,alleging he received $28 million in cash — a payment which excludes the massive property portfolio he accrued with Mr Papas during the allegedly fraudulent scheme.
Westpac this week expanded its claim against Mr Papas to include a separate legal action it had been taking in New Zealand against Forum’s NZ entities and Mr Papas.
Westpac has further added 21 new companies owned by Mr Papas and Mr Tesoriero. Eighteen of these companies were already subject to freezing orders and own a portfolio of luxury property and petrol stations in regional Victoria.
Westpac’s 544-page court filing details its allegations against the business partners.
“The total amount that Westpac and WNZL[Westpac New Zealand] have identified as being fraudulently obtained by Mr Papas directly or indirectly through his involvement in the scheme is at least $40.225 million,which excludes funds fraudulently obtained and used to acquire other property such as boats and cars,” the document says.
In July,The Age andThe Sydney Morning Herald revealed that Mr Papas and Mr Tesoriero had purchased property worth $60 million allegedly using money defrauded from Westpac. This masthead also revealed Mr Papas’ overseas assets including two seaside apartments in Thessaloniki said to be worth $10 million anda vast number of cars including two racing Audis.
Westpac alleges Mr Tesoriero received $2.3 million from Forum directly into his bank account,including instances where Forum made multiple transfers on a single day.