Westpac has issued freeze orders and search warrants to obtain information related to the alleged fraud,and is now pursuing legal action to have Forum Finance put into provisional liquidation,an emergency measure to protect assets.
Panetta Lawyers principal Rocco Panetta,who has been hired by Mr Papas,told the court on Wednesday he had spoken to his client around five times over the past seven days.
During these conversations,Mr Panetta said Mr Papas had refused to disclose his exact location or explain whether he intended to defend the allegations against him,but that he had booked a Japan Airways flight back from Athens via Dubai to arrive in Australia on Saturday.
“I understand he’s in Europe,in transit,making his way back to Australia,” Mr Panetta said. “I understand he was in Greece,I don’t know where he is now,but I think he is moving through other countries to make his way back here.”
When pressed for details of Mr Papa’s overseas travel,including when and why he left Australia and his current location,Mr Panetta said he was stonewalled. “We did ask,he wouldn’t tell us.”
Jeremy Giles SC,acting for Westpac,said his team had not obtained sufficient assurance from Mr Papas or Forum Finance that no documents would be destroyed in making the case for an “urgent appointment” of a liquidator.