Forum Group cloud raises questions about Sydney Olympic FC finances
However, sources have confirmed that the accounts have been filed with Football NSW so that the club can compete in the National Premier League.
In fiscal 2017, Sydney Olympic had related party debts of $ 948,105, compared to zero in fiscal 2016. In fiscal 2018, related party debts increased to nearly 2 , $ 1 million. However, the accounts do not indicate to whom the money is owed.
The Financial analysis confirmed that $ 1.51 million of related party debts were owed to Forum Group and $ 583,000 was owed to Titan Cranes, of which Mr. Hanlin is the managing director.
According to its accounts, Sydney Olympic FC recorded losses of nearly $ 977,000 and $ 810,000 in 2018 and 2017 respectively. The community club does not own any land or operate any poker machines, and as of June 30, 2018, it had total assets of less than $ 87,000 and total liabilities of nearly $ 2.3 million.
This prompted the company’s accountants in 2018 to declare significant uncertainty regarding its “ability to continue as a going concern and …
Mr. Papas became a director of Sydney Olympic FC on February 16, 2016. Mr. Hanlin joined the board of directors on June 9, 2016. Francis Farmakidis, partner of the law firm Vobis, joined the board of directors the same day that Mr. Papas. He resigned on June 22, 2021.
Mr Papas resigned as chairman of Sydney Olympic on July 2 following sensational allegations by Westpac that Forum Finance defrauded the bank of nearly $ 285 million. The club has yet to respond to several requests from the Financial analysis in relation with Forum Finance. Sydney Olympics general manager John Boulous did not respond to attempts to reach him by email or phone on Tuesday.
The club was formed in 1957 by Greek immigrants under the name Pan-Hellenic and it was a founding member of the National Soccer League in the 1970s when it changed its name to Sydney Olympic.
Mr. Hanlin is the last remaining manager of the club after the resignations of Mr. Papas and Mr. Farmakidis. He is also manager of the Greek Super League 2 team Xanthi FC, which Mr Papas bought in September 2020.
Mr. Hanlin responded via his attorney but declined to comment on the case. There is no indication that Mr. Hanlin had any involvement or knowledge of Mr. Papas’ business dealings and the Forum Group.
Mr Farmikadis ‘Vobis Equity Attorneys firm contacted Westpac in June 2021 to inform the bank that an interim working group had been set up in Mr Papas’ absence. However, the company has no involvement in the matter beyond that.
“Neither Mr. Farmakidis nor Vobis has played a role in helping Forum Finance access funding from Westpac, Société Générale or SMBC, and Vobis does not represent Forum Finance in any way,” Vobis said in a statement.
Xanthi FC is the subject of investigation by Westpac.
According to an affidavit from MinterEllison partner Caitlin Murray, a review of subpoenaed National Australia Bank accounts belonging to Forum entities showed that Forum Group transferred $ 1.9 million and Forum Group Financial Services transferred 2, $ 2 million in Mr. Papas’ personal bank account on August 17, 2020.
Mr. Papas then transferred $ 4.4 million to Ellinikos Tourismos for “the purchase of a business” [sic], which Westpac said could have been used to purchase the Xanthi FC, noting an article in The Greek Herald on August 26, 2020, about Mr. Papas’ plan to take over the football club.
An analysis of Mr. Papas’s overseas assets showed that he is a shareholder in a Greek entity Mazcon Investments Hellas IKE. Mazcon Investments Hellas IKE is a real estate company registered in Thessaloniki, Greece that lists Mr. Papas, under his other name Basile Papadimitriou, as the principal of the entity.
On September 10, 2020, Mazcon Investments Hellas IKE received approval to purchase Xanthi FC.
Last week, Sydney Olympic announced on social media that three players had been transferred to Xanthi under a previously agreed deal.