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Clive Palmer finally hands over Queensland Nickel documents

Dec 06, 2017
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Updated December 07, 2017 07:17:19

Liquidators will not need to raid Clive Palmer’s company Mineralogy after the billionaire complied with a court-imposed deadline to hand over financial documents.

Transactions under scrutiny:

  • $34.4 million in payments from Queensland Nickel to Palmer-owned company Mineralogy
  • $4.5 million in payments from Queensland Nickel to a Chinese worker
  • $7.7 million payment from Queensland Nickel to Mr Palmer’s father-in-law
  • $14.3 million payment from Queensland Nickel to Mr Palmer’s personal account
  • $14.3 million payment from Queensland Nickel to a resort owned by Mr Palmer’s wife

It means liquidators FTI Consulting are unlikely to follow through with threats to have Mr Palmer held in contempt of court, after they grew frustrated with their investigation being stalled.

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Mr Palmer was ordered to be in the Federal Court on Thursday, but was coy about whether he would turn up.

“I can’t comment. I’m living a private life now. All the best,” Mr Palmer said on Wednesday afternoon.

FTI Consulting is investigating the collapse of Queensland Nickel, which accumulated about $300 million in debts and left about 800 employees out of work.

They want to know what role, if any, Mr Palmer had in the company’s demise even though he was not listed as a director at the time.

Mr Palmer’s nephew Clive Mensink, who is overseas and subject to an arrest warrant, was Queensland Nickel’s sole director.

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Mr Palmer drew the ire of Federal Court justice John Reeves after missing the November 30 deadline to provide FTI Consulting with details of multi-million-dollar transactions made by his businesses.

Justice Reeves imposed a deadline of Tuesday afternoon, saying Mr Palmer would have to move “heaven and earth” to make it happen. The ABC understand Mr Palmer has complied.

If Mr Palmer missed the deadline, FTI would have been permitted to search Mineralogy’s offices and retrieve the information.

Topics: courts-and-trials, law-crime-and-justice, company-news, business-economics-and-finance, clive-palmer, person, brisbane-4000, qld, australia, townsville-4810

First posted December 07, 2017 06:30:41

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