Palmer cleared of A$124m claim
PERTH (miningweekly.com) – Mining personality Clive Palmer was left jubilant on Wednesday after the Queensland Supreme Court dismissed claims of A$124-million against the billionaire.
The judgment by Justice Debra Mullins followed a civil trial into the 2016 collapse of Queensland Nickel (QNI), which left 800 employees without work and about A$200-million owed to creditors.
Palmer last year settled the majority of the A$200-million lawsuit, including agreeing to repay A$66-million in taxpayer funds.
Mullins found that QNI had traded while insolvent in the days before administrators were called in, leaving an opportunity for the Australian Securities and Investment Commission (ASIC) to pursue the company directors under the Corporations Act.
Palmer on Wednesday said that the judgment vindicated his faith in the Queensland judicial system.
“It’s a shining example that truth and justice in the final analysis will prevail over lies and innuendo via trial by media.
“It will be a cold winter for John Park, Stephen Parbery and Vannin Capital, who recklessly gorged millions of dollars on liquidations fees and liquidating funding costs,” Palmer said.
The liquidators of QNI said on Thursday that their legal advisers were reviewing the matter and were considering a response to the judgment.
Palmer has, meanwhile, called on the federal government to review the rules governing liquidators and ASIC, and has said that he is considering a A$50-million action against the QNI liquidators.
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