Fast cars, real estate empire, and an old laptop revealed in assets of Forum figures Bill Papas and Vincenzo Tesoriero

Court documents have revealed luxury property, racing cars and share holdings linked to bosses of the company behind an alleged $400m fraud.

Forum Finance director Bill Papas.

An empire of fast cars, houses, and business interests spanning the globe has been revealed after a federal court granted access to details of the finances of Forum directors Bill Papas and Vincenzo Tesoriero.

The court documents reveal Mr Papas, Forum’s chief executive, owns a collection of three jet skis and a $15,000 camping trailer sitting at his luxury Central Coast getaway and is sitting on at least $206,000 in cash at NAB.

This is on top of his shares in 14 companies in Australia as well as stakes in companies in Singapore, New Zealand, Germany, the United Kingdom and Greece.

However, Mr Papas’ affidavit says he sold his shares in Mazcon investments in March, something Westpac took aim at in recent hearings telling the court his evidence dated the transaction “curiously enough, would be “before the events were discovered”.

Mazcon investments reportedly owns Mr Papas’ property portfolio in Greece and his stake in the Xanthi FC football club, in the country's north-east.

The statement of his assets comes just weeks after he was first ordered to hand over the information as Westpac ramps up its attempts to claw back almost $294m in funds it says were allegedly defrauded from it.

Mr Papas is now at the heart of several allegations lobbed by three banks amounting to almost $400m.

In an affidavits filed with the Federal Court, Mr Papas said he had been in Greece since June 21, after failing to show up for a meeting in Perth on June 15 to meet management of WesTrac to explain alleged irregularities in loan accounts.

He said he had been unable to access Forum records and bank accounts which he had lost access to over recent weeks.

“I have an older laptop with me that has at times been unable to open large documents,” he said.

Bill Papas' Ugis Audi.

Mr Papas notes he hasn’t handed over his communications between himself, EQWE’s director Luke Price, and “a Customer” and “Any representative of a Customer in relation to a payment schedule with Forum Finance” as he did not have the mobile phone what had been called for in search orders.

“I believe the mobile phone with those records is either at my home at … Rozelle NSW or at another property at … Wagstaffe NSW,” he said.

Court documents have previously noted an iPad and laptop were seized in a search of the Rozelle property.

But a spokesman for EQWE said they “can’t make any sense” out of the reference to communications.

“Any correspondence by text between intermediaries to Mr Price are not in any way comprehensive. It’s about setting up phone calls and arranging meetings,” he said.

The affidavits reveal that Mr Papas was unable to fully complete his statement of assets as “I have no access to my accounting records and records in relation to entities such as trusts”.

“My accountants will no longer assist me to obtain such records,” he said.

However accounting firm Rothsay, who audits Forum and oversaw Mr Papas’ personal tax filings said Mr Papas’ statements were “another excuse to avoid being forthcoming on the allegations.

“We received a request from his solicitor on 12th July. We responded on 13th. We’ve had no contact since,” Rothsay principal Frank Vrachas said.

“Our response was simply that we did not want to be assisting Mr Papas who in our minds ceased to be a client when we became aware of the alleged fraud.”

The affidavit from Mr Papas revealed that he had been unable to complete the filings of his assets due to contracting Covid-19 on July 5 and panic attacks.

“I have also been suffering from extreme anxiety and panic attacks since being served with the court documents by the applicant,” he said.

“It has made it extremely difficult for me to attend to the things required of me.”

Forum Finance director Bill Papas, also known as Basile Papadimitriou, also holds a director role at waste management company Iugis.

Mr Papas, whose lawyers had told the court on July 7 he would return to Australia – ultimately did not board his flights after contracting Covid-19.

Those flights were reportedly booked by his girlfriend Louise Agostino.

Ms Agostino has since travelled to Greece, something Mr Papas said was “to assist” him with his mental health issues.

“Until recently, I have been alone in Greece and in isolation, which has been extremely difficult for me and my mental and physical health,” he said.

“Since her arrival my health has improved.”

But Westpac’s barrister had raised concerns with Mr Papas’ statements “of what one might loosely call assets”.

“I don’t accept that Mr Papas has really tried, frankly, but he has sworn an affidavit and I just wanted to make clear that once we’ve had a chance to look further at it, your Honour may well hear me say that he just really hasn’t tried very hard and he had to do better,” he said.

“We simply don’t accept that as being an accurate statement, and we will in due course lead evidence of payments out of the Forum Group Financial Services account to Mazcon of circa $2 million in mid-June this year. So the answer is even at a tolerably superficial level, we’ve got grave concerns.”

Mr Papas’ counterpart Vincenzo Tesoriero has been revealed to hold a $60.7m property empire across 31 entities.

The fellow Forum director has also been shown to own four cars and two motorbikes valued at a total of $405,000.

This includes Mr Tesoriero’s $150,000 2018 Porsche Cayenne and a $100,000 Chevrolet 1957 Bel Air.

This is in addition to 16 bank accounts holding at least $209,162.82.

He also said he had a $10m loan that is owing from within the Forum group “to myself or an entity which I am associated in respect of advances made over a period of time”.