Law & Regulation

'Forgery and fraud' sucks Westpac NZ deeper

Denise McNabb
Mon, 23 Aug 2021

'Forgery and fraud' sucks Westpac NZ deeper
Bill Papas has been lying low in northern Greece after fleeing Sydney in mid-June. (Image: LinkedIn)
Denise McNabb
Mon, 23 Aug 2021
As Westpac chases erstwhile Australian business tycoon Bill Papas through the Australian and New Zealand courts to recover the bulk of an alleged A$400 million trans-Tasman forgery scheme, the bank’s New Zealand arm’s exposure has risen.Westpac NZ initially had $42.8 million at risk, but a report out on Friday from McGrathNicol’s Andrew Grenfell and Kare Johnstone, now the liquidators of Papas’ Iugis (NZ) and Forum Group NZ, report a $6 million increase in the exposure to $48.51 million. “The debt has been inc...

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