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Japanese giant latest bank tied to Forum Finance scandal

Sumitomo Mitsui could not be reached for comment at the time of publication.

Forum Enviro is one of a number of companies in the Forum Group that is under the control of an administrator, Mackay Goodwin.

Australian-Greek businessman Bill Papas, who runs Forum Finance, and a number of other businesses within the Forum Group of Companies, was expected to return to Australia from Greece, according to his lawyer, who told the Federal Court last week he would return on Saturday via Japan Airlines.

However, Mr Papas’ location remains unclear, and it is believed he is still in Greece.

The Financial Review sent a photographer to Sydney International Airport for the arrival of several flights, including the only Japan Airlines flight coming into Sydney, over the weekend, a flight from Tokyo on Sunday morning, as well as an Emirates flight from Dubai late on Saturday night. Emirates is a codeshare partner of Japan Airlines.

Mr Papas was not seen among any of the arrivals who were moved on to buses to travel to hotel quarantine.

The whereabouts of the CEO of the Forum Group are unknown since mid-June when, according to court filings, he claimed to be in a Perth Hospital.

The 49-year-old, who has a partner and family in Australia, is named along with Forum Finance in court documents alleging a scheme to defraud Westpac by presenting false invoices and documents for financing.

Sources said the fraud was enabled by the fact that banks such as Westpac already have lending limits in place to extend debt finance to the corporations that Forum Finance claimed were on the other end of their lease agreements.

These include Seven-Group owned WesTrac, Coles, Woolworths and French multinational Veolia.

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