Westpac Banking Corporation has dropped its case against Anastasios Giamouridis the Greek business partner of alleged fraudster Bill Papas.
The Federal Court of Australia heard the bank would abandon the matter against the man who it previously claimed owed the financial institution $12.6 million for his role in Papas’ investment firm Mazcon.
Mr Giamouridis’ partnership with Mr Papas also comprised a two per cent stake in Iugis Hellas IKE, a manufacturer of waste processing machinery owned by the finance mogul in exile.
The two were also tied via their association with Xanthi FC, the second division Greek Superleague club based in Thrace.
Mr Papas purchased the club for USD$15 million in 2020 allegedly using money garnered from defrauding Westpac.
Mr Giamouridis had served as the chief executive of Xanthi FC prior to his resignation in February 2022.
Justice Elizabeth Cheeseman heard Westpac would drop proceedings against Mr Giamouridis with no findings he’d been party to the alleged fraud nor benefited from it.
The Greek businessman claimed he’d acted without intention to deceive, and was not privy to the fact that the funds were ill gotten.
Mr Giamouridis’ solicitor, George Anton of GA Lawyers has provided Neos Kosmos with a statement outlining the particulars of the dismissal.
“My client is pleased and relieved that the Court is dismissing Westpac’s $12.6 million claim against my client and his company and that he is not required to pay any money to the bank. Mr Giamouridis has been completely vindicated,” it reads.
