Corporate restructuring firm Mackay Goodwin confirmed it had been appointed as administrators for the Forum Group of companies last week and had been undertaking investigations into the viability for the continued trading of various business units within the group, which employed 200 staff.
Westpac commenced proceedings in the Federal Court last month against Forum Group subsidiary Forum Finance, and obtained asset freezing orders earlier in July against two of its directors, Basile Papadimitriou and Vincenzo Tesoriero.
The bank recently disclosed to the market that it had detected a fraud worth approximately $200 million involving a portfolio of equipment leases with the banks customers arranged by Forum Finance, which were referred t…
Read the full article at: https://www.investordaily.com.au/regulation/49547-forum-group-in-administration-as-westpac-case-deepens