The Supreme Court has frozen more than half a billion of Mr Palmer’s private and business assets. Picture:  Annette Dew
The Supreme Court has frozen more than half a billion of Mr Palmer’s private and business assets. Picture: Annette Dew

Win for Palmer ahead of QN legal battle

QUEENSLAND Nickel liquidators have lost a bid to force Clive Palmer to disclose financial records for his flagship company Mineralogy ahead of a Federal Court examination.

Liquidators today applied for the company's in-depth financial records in a bid to determine the company's worth.

Barrister Nicholas Derrington, who appeared for Queensland Nickel's general purpose liquidators, said there had been discrepancies of millions of dollars between disclosures of the company's worth in June, August and in comments Mr Palmer made to media about his finances.

"There is a reason why there is concern about the worth of Mineralogy and that is what has brought this on," he said.

Mr Derrington said the figures given were "vastly different" and raised "serious doubts".

He said the worth of Mineralogy was crucial to proceedings in the Supreme Court which had frozen more than half a billion of Mr Palmer's private and business assets pending the outcome of a legal battle over the collapse of Queensland Nickel.

The Supreme Court has frozen more than half a billion of Mr Palmer’s private and business assets. Picture:  Annette Dew
The Supreme Court has frozen more than half a billion of Mr Palmer’s private and business assets. Picture: Annette Dew

Solicitor Johnathan Shaw for Mr Palmer's company said the request for documents including bank statements and transaction journals was "wholly unfair", "completely unnecessary" and "oppressive".

"In my submission there is no authority that an examiner is entitled to see how an examinee is spending its money," he said.

"We have no difficulty with providing a balance sheet and we say we've done that as at 30 June.

"The applicants have a freezing order protecting their potential judgement."

Registrar Murray Belcher said the liquidators would be "very busy" if they attempted to bring Mr Palmer in for questioning each time he made a statement to the media.

"If you have problems with what he's saying he's going to do with those assets, that's a matter to bring in the Supreme Court (where the freezing order was made," registrar Belcher said.

"I have to be very careful that the examination is useful."



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