https://www.miningweekly.com

Queensland Nickel liquidators set sights on fund recovery

22nd April 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The creditors of embattled Queensland Nickel on Friday voted to support a recommendation by administrators to wind up the company.

Liquidators have now been appointed and would undertake to recover monies owing to creditors.

This recovery process could include pursuing recovery of any loss suffered by Queensland Nickel as a result of uncommercial and director-related transactions, the liquidators said.

A recent report by the Queensland Nickel administrators claimed that the company was used to fund owner Clive Palmer’s other interests, including his political agenda.

It was estimated that about A$200-million had been syphoned from the Queensland Nickel accounts into other companies within Palmer’s business portfolio, while the nickel company also forgave A$189-million in loans between 2012 and 2016.

The federal government recently announced that it would assist in paying out outstanding entitlements to the 787 former employees of Queensland Nickel, who were owed a combined A$72-million in redundancy entitlements.

The federal government was hoping to reclaim some of the entitlement payments through its Fair Entitlement Guarantee recovery programme.

Edited by Creamer Media Reporter

Comments

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.195 0.237s - 112pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: