PALMER TO SUE QLD NICKEL ADMINISTRATORS FOR $1.2B

Written on the 17 May 2016

PALMER TO SUE QLD NICKEL ADMINISTRATORS FOR $1.2B

CLIVE Palmer is set to sue the administrators of Queensland Nickel for $1.2 billion.

Palmer announced in Brisbane today that two of his companies will launch legal action against administrator John Park and the firm he works for, FTI Consulting.

Palmer says he will serve a statement of claim in coming weeks seeking $1.2 billion, accusing Park and FTI of aiding and abetting a breach of trust and causing serious breaches of the Queensland Nickel Joint Venture Agreement.

Queensland Nickel, which operated the Yabulu refinery in Townsville, was placed into administration in April, owing more than $150 million to creditors.

Palmer appointed FTI as administrators and almost 800 workers have lost their jobs.

Palmer says FTI should not have closed down the plant.

"The role of an administrator should be to do everything possible to preserve, protect and defend a business and to keep it operating, not to destroy it as Park has done," says Palmer.

"It was John Park who caused an unlawful breach of trust and contract disregarding the lawful rights of joint ventures to close the refinery and dismiss the workforce causing social upheaval to fill his own pockets.

"Park knows that if he had acted in accordance with the law, the closure and dismissal of the workforce didn't have to happen. Park and FTI need to be brought to account for their actions."

An FTI Consulting spokesperson says these allegations are completely without foundation.

"We intend to strenuously defend these allegations from Mr Palmer, if he does in fact commence proceedings," says the spokesperson.

"We note that he recently commenced a court application against the administrators which he withdrew only hours before the judgement was due to be delivered. Mr Palmer has an extensive track record of using legal proceedings, which is well known."


Latest News

2017 BRISBANE TOP COMPANIES REVEALED

WHILE Queensland is regarded as an economy in transition with the winding down of the mining boom, the 2017 top 50...

2017 BRISBANE TOP COMPANIES 1-10

FROM insurance and banking to travel, gambling, retail, property and pizza, these "heavyweights" have ha...

2017 BRISBANE TOP COMPANIES 11-20

RETAIL, property, an airline, cars, real estate, software services, energy, agriculture, veterinary services bathr...

2017 BRISBANE TOP COMPANIES 21-30

JEWELLERS Michael Hill International listed in 2016 with a half-billion dollar market capitalisation and a new CEO...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter