Victorian service station sites owned by alleged Forum Finance co-conspirator in liquidation

A group of property companies owned by Vince Tesoriero – an alleged co-conspirator in the Forum Finance fraud – have been placed in liquidation.

Vince Tesoriero leaving court earlier this year.

Nine companies owned by Vince Tesoriero – an alleged co-conspirator in Forum Finance’s fraud against Westpac – are in liquidation owing almost $9m.

In November nine companies, including Tesoriero Investment Group, Canner Investments, and seven others named after street addresses, were placed under the control of McGrathNicol chairman Jason Preston. Another nine were placed in liquidation under the control of PKF this week.

The companies now placed in liquidation own nine petrol station sites across Victoria, and according to a creditors’ report published by Grant Thornton last week, owe a combined $8.75m to the ANZ and Judo Bank.

Aksara Holdings – a company owned by Melbourne lawyer Konfir Kabo who sold the sites to Mr Tesoriero – has placed a caveat over the properties and claims to be owed $5.96m.

The creditors’ report says ANZ has a first-ranking mortgage over four sites of $3.15m and Judo is owed about $5.6m on five sites.

Westpac has also placed a caveat over all of the properties, claiming $253m and $NZ44m ($42m) “in relation to a tracing claim associated with the liquidation of Forum Group Financial Services’’ the report says.

“We are yet to fully adjudicate on the claims from FGFS and Westpac but note Westpac could be claiming, in part, for the same moneys as the liquidators of FGFS,’’ it continues. “For the purposes of this report, we have included the full amount claimed by both parties and the administrators accept that both FGFS and Westpac have standing as creditors in the administration.’’

Westpac, Sumitomo Mitsui Banking Corporation and Societe Generale are currently chasing former Forum chief executive Bill Papas in the Federal Court over allegations of fake equipment leases that led to the banks being defrauded by as much as $500m.

Mr Papas is residing in Greece and has not engaged in the case for about a year.

Westpac referred the matter to NSW Police mid last year.

Mr Tesoriero is currently preparing to defend himself in the Federal Court, with his matter most recently heard in October.

Westpac alleges Mr Tesoriero was involved in coming up with fraudulent scheme.

He disputes the allegations, previously telling the court he did not become aware of the claimed conduct by Mr Papas until court action was started by Westpac last year.

Originally published as Victorian service station sites owned by alleged Forum Finance co-conspirator in liquidation