A Sydney Olympic FC statement confirmed on Friday night the resignation of Bill Papas from the role of President effective immediately.

The announcement came after it was made known by Westpac that it had filed a civil lawsuit against an equipment financier company that Mr Papas controls, over alleged potential fraud.

“The Board appreciates the commitment and contribution of Mr. Papas during his tenure.

SOFC is in the process of nominating another candidate to be considered for appointment in place of Mr. Papas.

The club will continue its operation as normal,” the Club’s announcement read, refraining from any mention to reasons behind the resignation.

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Australia’s no. 2 bank launched Federal Court proceedings on Monday against Forum Finance, citing a a potential fraud regarding equipment leases for its customers.

In a statement the ‘big 4’ bank said it had a potential exposure of around $200 million, adding that no customer was exposed to the loss.

Though proceedings were filed against Forum Finance, Mr Papas, the company’s sole director, is also named as a respondent.

A Westpac spokesperson has offered no further comment towards the statement that it obtained asset-freezing orders, Reuters reported.

While investigations continue and NSW Police and regulators have been notified, there is no suggestion relating to criminal charges and the legal action alleges a “potential fraud”.

Australian media have had unsuccessful attempts to obtain comment by Forum Finance and its executive chairman.

As reported, another bank, Societe Generale, also launched legal proceedings against the company that it provided financing with, citing a potential exposure of around $9 million.

“We have commenced legal proceedings in relation to a potential fraud. We are not able to comment further,” the spokeswoman said.

Meanwhile, Greek media outlets report concerns over the future of Xanthi FC, which is owned by Mr Papas, following the alleged potential fraud lawsuit.

Greek lawyer and major shareholder of AE Larissa FC, Alexis Kougias, issued a statement about the news on the allegations noting that the club’s administration expects “that developments are closely followed also by all the relevant Greek football authorities.”

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