Forum Group figure Vincenzo Tesoriero stymied in court over sale of assets

Forum Group figure Vincenzo Tesoriero’s move to stop the sale of several of his assets was blocked in the Federal Court.

Forum Group founder Bill Papas pictured in Thessaloniki, Greece.

Forum figure Vincenzo Tesoriero’s moves to preserve his multimillion-dollar beach retreat and Miami-moored XOXO Mangusta yacht have been dashed in the Federal Court.

Mr Tesoriero had taken to the courts in a bid to block the sale of a waterfront home in the NSW ­Central Coast enclave of Wag­staffe, arguing he had changed his mind and intended to hold the property “with a view to his ­retirement”.

He also sought orders to block the sale of a luxury yacht owned by a company he controlled, “to preserve these assets until he has had an opportunity to properly defend Westpac’s claim made against him”.

This came after companies controlling ownership of two Wagstaffe properties were placed into liquidation after Mr Tesoriero was entangled in an alleged $400m bank fraud.

Westpac took aim at the Forum group of companies mid last year, alleging key figures in the company had run a years-long fraud and owed Westpac, Societe Generale and Sumitomo Mitsui almost $450m.

Mr Tesoriero, a former director and major shareholder of Forum, launched the action in the wake of the sale of the Sydney residence of his alleged co-conspirator Bill Papas in December.

Mr Tesoriero’s legal representatives proposed he refinance loans on the Wagstaffe properties, but judge Michael Lee agreed with ­arguments that this move would not clear other funds owing from the properties.