• Thu. Aug 11th, 2022

Company of Bill Papas IUGIS HELLAS PC liquidated; His son seen training with Xanthi FC

ByLinda W. Smith

Jul 29, 2022

The owner of PAE Xanthi, Bill Papas, through the Australian company IUGIS, one of his most important business activities, had managed to become an entrepreneur with a business that reached Europe.

After all, it was the company through which he had managed to secure sponsorships with Liverpool and Schalke, which he included on his CV when he took over PAE Xanthi two years ago.

However, this Australian company in fact went bankrupt last year, leaving dozens of its workers unemployed, as soon as the well-known banking scandal broke, accusing the Greek-Australian of having embezzled hundreds of millions of dollars .

Since 2019, IUGIS had also acquired a Greek subsidiary, IUGIS HELLAS PC.

Of course, the Greek company was not directly related to the Australian company, but beyond the common name, 95% of the IUGIS HELLAS company was owned by Bill Papas, while the remaining 2% was owned by his associate Anastasios Halemis, a resident of Lagyno, Thessaloniki.

The capital of the company was 15,000 euros.

However, the two companies agreed on the dissolution of IUGIS HELLAS PC and its liquidation on the last day of last year.

This was revealed in an announcement made to GEMI on March 9 (usually after the well-known “scandal” broke in Australia but before the revelations about the freezing of Papas assets in Greece).

Vassilis Papadimitriou, ie Bill Papas, has been appointed liquidator of the company.

Earlier in July, Bill Papas’ son was seen vacationing in Glyfada and isn’t hiding it, posting a relevant message on social media, Thraki Sports reported.

The son of the president and majority shareholder of PAE Xanthi, who followed him to Greece and lives with him (he also appeared alongside him in the final of the EPS Xanthi Cup), declares himself a footballer and posted a photo of him carrying him -even the PAE Xanthi jersey and participating in a training session.

Coming from Australia, he obviously feels lucky to have perhaps for the first time the opportunity to enjoy the beauties of the Greek seas under the particular sun of Greece, which is why he hastened to download on Monday a photo of him from a deck chair on a beach in Glyfada.

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Moreover, this summer period in the country where he grew up is… winter, because it is in the southern hemisphere and the seasons are reversed.

For that and the many comments from his friends in Australia, who are probably jealous of him for the possibility of this summer vacation, while in Sydney they have…floods.

From the photo he uploaded, however, he seems particularly cheerful and it is not possible to determine if he has the same anxiety as most fans and team friends regarding the future of Xanthi. FC, in which he also trained but mainly in which he is owned by his father.

What is certain is that in Xanthi this photo was commented on. Some say it may be the message that all is well and soon the good news will come for Xanthi team fans.

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If not anyway, at a time of heightened tension over whether Xanthi FC will take part in the new league, a cheerful photo of the owner’s son from his holiday has been publicly uploaded on his profile allowing everyone to see and comment on it, this could at least be called a “communication error”.

Perhaps for this reason, the fans of the Thracian team shunned comments or even likes, which, on the contrary, quickly expressed their joy and satisfaction in the corresponding photo that Bill Papas’ son had uploaded since the training of Xanthi FC, in which participated as a footballer…

READ MORE: Nick Kyrgios proudly shows off a t-shirt with the photo of Costen Hatzi.


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