Finance

Fugitive tycoon; Westpac’s missing millions – the NZ connection

Denise McNabb
Tue, 20 Jul 2021

Fugitive tycoon; Westpac’s missing millions – the NZ connection
Westpac got caught up on both sides of the Tasman (Image: Deposit Photos)
Denise McNabb
Tue, 20 Jul 2021
A gaping A$295 million hole on Westpac’s ledger is shaping up to be the biggest bank heist in Australia and New Zealand’s banking history. The exposure could rise to A$400m as two other banks and a fintech company tally their losses.Justice Michael Lee told the Federal Court of Australia in Sydney earlier this month that the bank made a “sobering discovery” when it learned its high-profile Sydney business tycoon customer, Bill Papas’s Forum Finance Pty Ltd, had allegedly siphoned A$225 million (before tax) from Wes...

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