Forum Finance boss Bill Papas (Basile Papadimitriou) has blamed a positive COVID-19 test for delaying his return to Australia to face serious allegations of $400 million fraud brought against his company by Westpac and two other banks.

The money extracted from Westpac in the alleged fraud is believed to have flowed into overseas entities controlled by Mr Papas, entrepreneur and soccer chief.

Westpac’s lawyers told the court that it is believed that Mr Papas has assets in Germany, Singapore and Greece and stated that money flowed as recently as this month into offshore firms linked to Mr Papas. The Greek Australian’s part ownership of Greek soccer team Xanthi FC was also viewed as an alleged recipient of funds.

Westpac sought on Thursday to expand freezing orders over Mr Papas and Vincenzo Tesoriero, his co-director, to include their overseas assets of which the Greek football club is a part of.

READ MORE: Bill Papas reportedly in Greece for Xanthi FC, and top lawyer Alexis Kougias set to make an announcement

Forum Finance’s subsidiaries are currently under voluntary administration, and Westpac’s lawyers sought for the court to make orders for McGrathNicol to be appointed as preferred liquidators.

Federal Court Judge Michael Lee did not replace Mackay Goodwin administrators, who are currently overseeing 24 Forum Group Companies ahead of a Tuesday’s creditors’ meeting.

Mr Papas’ counsel, Jim Johnson, told the court his client was still in Greece but “does intend to return to Australia”.

“On 8 July, he tested for coronavirus at 5pm and he turned up positive to that which makes his ability to travel somewhat difficult,” he said, and produced a positive test certificate from Greece.

Mr Tesoriero was not represented by counsel in court on Thursday.

READ MORE: Bill Papas pledges to return to Australia to face courts after missing numerous deadlines

Mr Papas had been expected to return to Australia to face a civil court case brought forth by Westpac in which he and his business partner are accused of using Forum Finance to orchestrate $360 million fraud against Westpac, Societe Generale and Sumitomo.

Westpac’s Counsel Jeremy Giles said that delays would hinder the investigations. “There is reason to think that there are assets in the hands of individuals that we want to be chasing as quickly as possible before there is any further dissipation,” he said. “The only people who are benefitted by any delay are Mr Papas and Mr Tesoriero.”

Justice Michael Lee said he had made two orders to list his assets and liabilities as part of the freezing orders.

“I’ve made two orders, I don’t make orders on the basis that they can be treated like traffic lights in Athens, I want them complied with,” Justice Lee said.