Luxury cars

Miami’s yachts and luxury cars among Forum’s asset network


The 2001 model, 27-meter Mangusta 105 motor yacht – named XOXO – is the centerpiece of a sumptuous set of assets that Mr. Papas, through various entities, has purchased over several years.

These add to real estate assets across Australia, including two luxury waterfront properties at Wagstaffe on the central New South Wales coast, revealed in court affidavits.

The yacht, with four bedrooms with plush carpeted floors and a Jacuzzi, is Cayman Islands registered and moored at Middle Point Marina, close to Miami International Airport.

In a civil case, Mr Papas, 48, a football personality who owns the Greek Super League 2 team Xanthi FC and was president of Sydney Olympic FC until July 2, and many of his companies are said to have defrauded Westpac, Sumitomo Mitsui Banking of Japan and French bank Societe Generale to the tune of nearly $ 400 million. Mr. Tesoriero is named respondent in the Westpac proceeding.

Mr Papas, the managing director of Forum, left Australia for Greece on June 21, shortly after Westpac confronted him after a fortuitous discovery of the alleged fraud, which allegedly involved borrowing money, falsely claiming funds for the bank’s main customers for equipment rental.

McGrathNicol, who was appointed administrator, tried to trace hundreds of millions of dollars of the bank’s funds, which appeared to have been embezzled abroad or used to buy homes, buildings and gas stations.

Two weeks ago, a survey conducted by AFR weekend has revealed the first evidence that Mr Papas and his girlfriend Louise Agostino were locked up in the northern Greek coastal town of Thessaloniki. Mr Papas owns a series of properties in Thessaloniki, including two apartments overlooking the Gulf of Thermaikos, through a Greek investment vehicle Mazcon Investments Hellas IKE.

In June 2018, Mr. Papas, as Director of Intrashield, approved the purchase of the yacht Mangusta for US $ 900,000. Intrashield was the trustee of the Mangusta Trust.

The Mangusta XOXO yacht docked in Miami, Florida.

Intrashield, which is now in the hands of liquidators McGrathNicol, was 50-50 owned by Tesoriero Investment Group – which is owned by Vincenzo and Giovanni Tesoriero – and Eros Management, which is also in the hands of McGrathNicol, who cites Mr Papas as its shareholder. There is no indication that Giovanni Tesoriero was involved in any of the wrongdoing in which Mr Papas is allegedly involved and he is not a defendant in the legal proceedings.

According to documents, Mr Papas, as a director of Intrashield, transferred the boat to Australian company Mangusta (VIC) on August 8, 2019. Mangusta is owned by Vincenzo Tesoriero. Mr. Papas’ house in Rozelle is owned by a company registered in Victoria. The company is named after Mr. Papas’ Rozelle home address and is owned by Mr. Tesoriero.

The boat was also the subject of an insurance claim, worth around $ 100,000, after the yacht’s bottom was crushed and caught on water. There was nothing suspicious about the complaint.

Racing Victoria invoices suggest that Mr Tesoriero also owned 50% of racehorse Bartender Blues in 2019 and form guides suggest he was at least until January 2021. However, more recent profiles from Bartender Blues show a new group of ownership. The five-year-old gelding has raced 21 times, mostly in Victoria Country, finishing first and winning a combined prize of $ 47,600, according to racing.com.

Huge expense

A set of invoices addressed to Forum Group Financial Services (FGFS) shows a huge cash expenditure for luxury cars. Mr. Papas and Mr. Tesoriero are listed as equal shareholders of FGFS, which is also now in the hands of McGrathNicol.

McGrathNicol’s lawyer, in open court, described FGFS as “the heart of the fraudulent scheme” and was paid at least $ 282.4 million by Forum Finance, according to Westpac.

Mr Tesoriero, who was added to the Westpac case as a respondent, previously asked his legal representatives to distance his involvement from Mr Papas and Forum, telling the court in early July that he had resigned his post Director of Forum Finance in April 2020, but records filed with the Australian Securities and Investments Commission had not been updated.

In November 2020, a deposit of $ 50,000 to an NAB account held by FGFS was made for an Audi R8 LMS Ultra Race Car. An invoice for $ 230,000 was made payable to Mr. Tesoriero of The Porschaden Classic dealership in Armadale, Victoria.

In May 2021, an invoice was issued to FGFS for a 2018 Bentley Continental FT First Edition W12 for $ 430,000 from a dealership known as Imarr in Rosebery, NSW.

Also in May, Mr. Papas, as director of FGFS, signed a loan of $ 245,000 from NAB to pay for an Audi RSQ8 Wagon also from the Imarr dealership.

In April 2020, Mr. Papas signed on behalf of FGFS to purchase a $ 30,000 Original Volkswagen Golf 7.5 GTI from Lennock Motors in ACT.

An NAB account transfer from FGFS labeled “Lambo Payment” for $ 315,381.98 in August 2020, which indicates it was authorized by Moussa Bouchanine.

Mr. Bouchanine has been listed as CFO of the Forum Group and the Forum Group of Companies. We do not know where he is and he has not returned AFR weekendFriday call. There is no indication that Mr. Bouchahine was involved in any of the wrongdoing in which Mr. Papas is allegedly involved and he is not a defendant in the legal proceedings.

Payment was made to a Macquarie Bank account as part of a payment, addressed to The Forum Group of Companies, for a car rental / loan agreement for a 2018 Lamborghini Huracan LP 610-4 Spyder.

In March 2021, FGFS transferred $ 100,000 from its NAB account for a deposit on a 1967 Ford Mustang Shelby GT500 from Moto 1 Garage in Gosford, NSW, to a Commonwealth Bank account. An invoice for the car, which had a sale price of $ 375,000, was issued to Palante Pty Ltd, a company owned by Mr. Papas.

Cars galore

An invoice for March 2021 is made out to FGFS for a $ 245,000 Porsche 718 Cayman GT4, with a delivery date in May from the Porsche Center South Sydney. Documents suggest the car was purchased under a monthly repayment agreement. The reimbursement letter is addressed to Mr. Papas at his home in Rozelle.

A second Porsche – a 911 GT2 RS Coupe priced at $ 625,000 also from the Porsche Center South Sydney – was sold to the Forum Group of Companies in December 2019. An invoice is initialed VT.

According to the leasing documents with Macquarie Leasing – Porsche Financial Services, the borrower is The Forum Group of Companies, while Mr. Papas and Mr. Tesoriero are the guarantors.

Additional documents show that Intrashield was the registered company for a 2019 Lotus Exige. Various 2019 models range from $ 99,000 to over $ 200,000.

The Forum Group of Companies was audited by Rothsay and the most recent accounts consolidated 13 subsidiaries, including Forum Finance, to which the banks contributed funds. However, according to Westpac court documents from mid-July, FGFS appears to have been excluded from the consolidated group.

The Westpac document said: “A conscious decision appears to have been taken to keep FGFS out of the consolidated group, which is consistent with its use as the primary custodian and disperser of funds stolen from Mr. Papas and Mr. Tesoriero and through the Forum enterprise. group. “

Westpac signed its first deal with Eqwe – a financial advisory firm that would ultimately link Forum and Westpac while retaining a commission – in May 2017. According to the bank’s first statement, Westpac made its first deal with Forum in August 2018 However, Westpac is now casting its net further to examine additional transactions and is expected to file an updated insurance claim within the coming week.

In its first statement, from September 13, 2018 to June 9, 2021, Westpac alleges that 100 transactions using fraudulent documents were made by various Forum companies in Australia, Greece, Great Britain, Germany and the United Arab Emirates.

Westpac alleged that the “dishonest and fraudulent” scheme was used to finance properties owned by different entities, including properties jointly owned by Mr Papas and Mr Tesoriero, as well as to finance businesses in Australia and the United States. foreigner.

The funds, according to Westpac, were supposed to be loans to companies from the Forum Group of Companies, including Forum Group, Forum Enviro and Forum Enviro Australia, “including to support the cash flow of companies which, unless fraud n ‘was committed and the funds obtained were not profitable ”.

On Wednesday, Mr. Papas’ affidavit detailing his personal financial situation was released. The affidavit did not go into details of assets held by related companies, which would include those referred to in this article. He put a cash value of $ 266,100 on those of his assets in Australia that he says can be valued, including three jet skis, a caravan and $ 206,000 in an NAB bank account.

Mr. Tesoriero, in his affidavit, discloses $ 60.7 million of mortgage-financed properties totaling $ 44.15 million. The properties include 11 gas stations, two waterfront properties in Wagstaffe, on the central NSW coast, and Rozelle’s house, in the Sydney suburb, which Mr Papas referred to as his personal address.

The affidavit also includes $ 405,000 worth of cars and motorcycles, including a 2018 Porsche Cayenne for $ 150,000, a 2014 Alfa Romeo 4C for $ 60,000, a 2020 Mini Cooper S for $ 60,000, a 2018 Ducati 1098R of 20 $ 000, a 2020 BMW S1000 for $ 15,000 and a 1957 Chevrolet Bel for $ 100,000 Air.


Leave a Reply

Your email address will not be published.