Home / News Highlights / Palmer will ‘appreciate the fruits’ of $350m court docket buy and no longer reopen Nickel refinery, if resources are frozen

Palmer will ‘appreciate the fruits’ of $350m court docket buy and no longer reopen Nickel refinery, if resources are frozen

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February 15, 2018 09:23:39

Clive Palmer has warned he is now not going to reopen his North Queensland Nickel (QN) refinery with 1000’s of additional jobs and as an alternative “respect the end result” of a up to date $350 million edifying victory, if his assets are frozen.

The businessman is preventing an application by means of liquidators in Brisbane’s Splendid Courtroom docket to freeze $200 million of his non-public assets, which is segment of a multi-million-dollar declare in opposition to him for allegedly appearing as a shadow director for QN and breaching his tasks.

In a unique affidavit filed as segment of the case, Mr Palmer mentioned if the freeze reveal was granted “the refinery is now not going to reopen” and the other to provide 2,000 jobs in Townsville would possibly possibly possibly per chance neatly be brushed aside.

In December, Mr Palmer mentioned his corporation Mineralogy intended to loan $25 million to have the same opinion reopen the refinery.

It followed a ruling within the West Australian Splendid Courtroom docket in November that Mineralogy was owed massive unpaid royalties from the Sino Iron undertaking within the Pilbara connect.

Courtroom docket paperwork display Mineralogy has now been paid $350 million from the courtroom docket battle.

“As Mineralogy has an important cash dawdle and would possibly possibly possibly per chance neatly honest respect the end result of the judgement of the Western Australian Splendid Courtroom docket of loads of tens of hundreds of thousands of dollars each 365 days, the grant of any orders would lead to me and/or Mineralogy now not making an investment any further price range into the refinery and obedient-making an are making an attempt taking part in the end result of the Mineralogy Judgement,” Mr Palmer wrote.

“In my industrial judgement, further investment within the refinery would possibly possibly possibly per chance neatly now not be justified.

Freeze reveal would have an effect on refinery ‘untenable’: Palmer

Mr Palmer claimed a freeze reveal would have an effect on running the refinery “untenable and unworkable” resulting from it could deal with about 35,000 transactions a month.

“It might be administratively unworkable to guage the volume of transactions required for the operation of the refinery in opposition to the Proposed Advise to choose whether or not the transaction was required to be notified,” he wrote within the affidavit.

The extinct federal MP mentioned his firms would undergo and “… alternatives would possibly possibly possibly per chance neatly be misplaced if I was required to offer seven days perception quicker than getting into right into a transaction”.

“At this level, I possess in methods I will be able to should devote 3 accounts and two legal professionals and offers a beef up to staff and products and services to tracking compliance with the Proposed Advise,” he wrote.

Mr Palmer claimed within the file there was no specific particular person or corporation in Queensland that had assets that exceed his or the company defendants, which he estimates to be $4 billion.

“It is miles a nonsense that Mineralogy is now not going as a aim to satisfy judgment in respect of this continuing and that the Proposed Advise is needed to treatment any wretchedness attendant upon this kind of prospect,” he wrote.

Queensland Nickel collapsed in 2016 with $300 million in money owed and 800 activity losses.

Mr Palmer has gradually denied any wrongdoing.

Issues:

courts-and-trials,

law-crime-and-justice,

company-recordsdata,

enterprise-economics-and-finance,

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townsville-4810,

qld,

australia,

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First posted

February 15, 2018 08:28:52

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