Louise Agostino rejects any knowledge of alleged Forum fraud

Louise Agostino admits she lived with boyfriend Bill Papas, worked at Forum and is now in Greece, but denies all claims she knew anything about an alleged $500m fraud.

Forum figure and Xanthi FC owner Bill Papas attended his team's game in the Greek city of Pierikos with girlfriend Louise Agostino.

The girlfriend of alleged Forum Finance fraudster Bill Papas has denied any knowledge of the alleged rort that saw three banks allegedly rorted for almost $500m.

Louise Agostino, in a defence filed in a suit brought by Westpac, said she “does not know” anything about her partner’s alleged fraud “and therefore cannot admit” any knowledge of it.

Westpac is attempting to claw back around $300m it alleges that Mr Papas and others close to him fraudulently obtained from the bank using fake lease contracts.

Ms Agostino’s defence documents describe Westpac’s allegations against her as “embarrassing and liable to be struck out” becauuse they fail “to properly plead and particularise her alleged conduct and knowledge”.

However, Ms Agostino has confirmed that she left Australia in July and that she is currently in Greece. Ms Agostino left Australia after securing an exemption from officials to leave the country during the period in which outbound travel was restricted due to the Covid-19 pandemic.

Ms Agostino’s exit came just weeks after Mr Papas had also slipped out of the country.

Mr Papas’ lawyers had earlier told the Federal Court that Ms Agostino had purchased her partner return flights home. However, Mr Papas did not return to Australia, claiming he had contracted Covid-19 – but would make all efforts to return when he could.

In her filings Ms Agostino says she “commenced a relationship” with Mr Papas in 2018 before she started living with him in his Rozelle home in September 2020.

Ms Agostino also worked for Mr Papas’s food waste business Iugis in international operations and business development.

The Federal Court has heard the Iugis business was largely funded with money gained from the alleged lease fraud.

Ms Agostino admits she was paid by the Forum Group, but that those payments were made in accordance with her terms as an employee and no funds were derived from the alleged fraud.

Japanese bank Sumitomo Mitsui and French bank Societe Generale have also allege Mr Papas owes them around $100m.

In addition to Ms Agostino, Westpac is pursuing Mr Papas’ business partner Vincenzo Tesoriero, alleging he was key to a lease fraud scheme that saw the bank lend money to fund the purchase of office equipment that the bank alleges never existed. Westpac alleges Mr Papas and Mr Tesoriero masterminded the lease fraud.

The bank alleges Ms Agostino was privy to the alleged fraud.