Has Clive Palmer gone loco?

[noco]

They are unknown in my area.

Bunnings and Mitre10 are about it.

for noco (read the ABC mate )

http://www.abc.net.au/news/2016-01-18/woolworths-to-exit-masters-hardware/7094858

Thanks for that Rumpy.

They are not up here in our neck of the woods and that is why I have never heard of them.:topic

 

[noco]

The way things are turning out for Clive Palmer, he may finish up like Allan Bond....Palmer is up to all the mischief he can find.


http://www.couriermail.com.au/news/... Mr Palmer’s office did not return calls.[/B]

 

[noco]

Palmer has. appointed his wife as director of mineralogy......But check out the cost to clean up QNI which may eventually have to be paid by the tax payers.

I have always maintained Palmer wants to wriggle out cleaning up the tailing dams which are so toxic and an environmental hazard.

http://www.abc.net.au/news/2016-01-21/clive-palmer-wife-appointed-director-of-mineralogy/7103320

The wife of federal MP Clive Palmer has replaced his nephew as director of his flagship mining company Mineralogy.

Documents lodged with the Australian Securities and Investments Commission (ASIC) show Anna Palmer was appointed director and secretary of the company two weeks ago.

She replaced Clive Mensink, who is the director of Mr Palmer's troubled Queensland Nickel.

The change occurred 10 days before Queensland Nickel went into voluntary administration, citing low nickel prices and the Queensland Government's refusal to guarantee a $35 million loan.

That announcement came days after the company sacked 237 workers.

Mr Palmer has reportedly sent a letter to his former employees apologising for the redundancies.

On Wednesday, the Federal Government offered $500,000 to help the sacked workers find new work.

If the company cannot trade its way out of voluntary administration, taxpayers could also be forced to stump up tens of millions of dollars to clean up the site at Yabulu.

While Queensland Government sources have claimed the process could cost up to $40 million, the Queensland Opposition has said the clean up bill could be "upwards of $300 million".[/U]

 

[noco]

Palmer owes a mate of mine who was retrenched last week, $125,000 and the poor bugger says it looks like he will be whistling for it......He does not expect to a dime from Palmer.



http://www.theaustralian.com.au/new...s/news-story/1df49b74bc7923ecb9d9ceea285d5ddc

Clive Palmer has declared he has no personal responsibility for paying redundancy entitlements to the 237 workers sacked from his nickel refinery, and has denied using the alias Terry Smith.

At his first public appearance since the mass job cuts, the Fairfax MP preached a message of compassion, love and respect for his fellow man at a citizenship ceremony in his Sunshine Coast electorate to welcome 22 new Australians.

Offstage it was a different story, as Mr Palmer sweated, blustered and angrily mocked questions from The Australian about the operation of his troubled Townsville refinery, which sank into voluntary adminis*tration last week.

Asked whether he would dig into his personal wealth to ensure workers were paid their severance packages, the self-*proclaimed billionaire snapped.

“Well, of course I have no personal responsibility,” Mr Palmer said. “I retired from business over three years ago. Of the 22,000 workers who were sacked in Queensland and lost their jobs, none of the shareholders of any of those companies put up a cent.”

However, The Australian has evidence Mr Palmer, using an email address in the name “Terry Smith”, secretly ran the refinery and was responsible for approving expenditure at the plant between 2013 and last year — including when he was not formally registered as a director. Yesterday, Mr Palmer flatly denied using the Terry Smith moniker, and dodged questions about signing off on refinery spending.

 

[Tisme]

Palmer owes a mate of mine who was retrenched last week, $125,000 and the poor bugger says it looks like he will be whistling for it......He does not expect to a dime from Palmer.

Same bloke who carries the LNP DNA? here

he's a living national treasure: here

 

[SirRumpole]

Same bloke who carries the LNP DNA? here

he's a living national treasure: here

Good to know you read the Green Left weeky Tisme, noco will be pleased.

 

[Tisme]

Good to know you read the Green Left weeky Tisme, noco will be pleased.

Cool

 

[SirRumpole]

Queensland Nickel: Clive Palmer 'could be liable' if he acted as QNI 'shadow director', lawyer says

Clive Palmer could be held personally liable and face a hefty compensation payout if he is found to have operated Queensland Nickel as "shadow director" while the company was insolvent.
Key points

Palmer says he did not covertly keep running the refinery after becoming an MP
Palmer remained on Queensland Nickel expenditure committee after move into politics
Lawyer says Palmer could be liable if he acted as a de facto or shadow director


The billionaire MP has warded off accusations he has been secretly running the troubled refinery, maintaining that he retired from the company in 2013 when he entered the political arena.

But Mr Palmer admits he did remain part of an expenditure committee, and signed off on company purchases using an email under the name Terry Smith.

According to corporate law Professor Ian Ramsay of Melbourne University, it is possible for "director's duties" to be imposed on people who are not properly appointed as a director.

"If they are found by a court to be either a de facto director or a shadow director and also found to have breached their duties, that person can be personally liable and possibly be held to pay compensation," he said.

Professor Ramsay said if Mr Palmer was found to have been operating in the capacity of a director of Queensland Nickel, the implications could be significant.

"In particular, important director's duties apply to that person, and if a court finds that one or more of those duties are breached, then personal liability can be imposed on that person."

Professor Ramsay said "director's duties" included the duty to exercise reasonable care and diligence, to act in the best interest of the company, and not to have their company trade while it is insolvent.

http://www.abc.net.au/news/2016-01-...mer-could-be-personally-liable-lawyer/7116440

His political brand would appear to be so damaged that I doubt whether he has a chance of being re-elected, if he runs.

 

[noco]

Queensland Nickel: Clive Palmer 'could be liable' if he acted as QNI 'shadow director', lawyer says



His political brand would appear to be so damaged that I doubt whether he has a chance of being re-elected, if he runs.

One thing for sure is will never become life member or even member of the Liberal Party ever again.....He will be banned for life.

 

[drsmith]

Already political charcoal.

From Monday this week,

A Galaxy poll published by NewsCorp on Monday showed the cutting of jobs at his Townsville nickel refinery have encouraged voters to abandon the Palmer United Party leader.

Mr Palmer's support in his seat of Fairfax is now sitting at just 2%, according to Galaxy, down from 26.5% when he won the seat in the 2013 election on preferences.

http://www.sunshinecoastdaily.com.a...ces-devastating-defeat-support-crumb/2908935/

 

[wayneL]

Naming a party after yourself - the political narcissistic kiss of death... always only a matter of time.

Is this an Australian phenomenon? Hansen, Palmer, Katter?

 

[drsmith]

The alternative when the electorate is increasingly dissatisfied with the major parties.

Pauline and Clive are genuine failures all be it for different reasons.

Pauline was just a front with others pulling the strings. Essentially not smart enough. Clive is smarter but obviously has a particular leadership style and is essentially a snake oil salesman, even by politician standards. It was always an interesting question as to why a so-called billionaire would enter politics.

Next up to the plate is Nick Xenophon. He's not a Queenslander.

 

[noco]

The alternative when the electorate is increasingly dissatisfied with the major parties.

Pauline and Clive are genuine failures all be it for different reasons.

Pauline was just a front with others pulling the strings. Essentially not smart enough. Clive is smarter but obviously has a particular leadership style and is essentially a snake oil salesman, even by politician standards. It was always an interesting question as to why a so-called billionaire would enter politics.

Next up to the plate is Nick Xenophon. He's not a Queenslander.

He entered politics for revenge on Newman and his dislike for Tony Abbott....All be it an expensive exercise.

Xenophone is a cagey independent senator who wants to start his own party...He will realize soon enough when he involves other people that it ain't so easy.

 

[Tisme]

Albeit he has a way to go before his tenure is up here

 

[SirRumpole]

Albeit he has a way to go before his tenure is up here

I suppose the question is what deals will he try to get through for his own benefit before he gets thrown out.

Support for a GST in return for a bailout package for QLD Nickel perhaps.

 

[noco]

Palmer is up to more tricks just 4 days before he called in the administrators for QN.


http://www.theaustralian.com.au/new...-demand-hits-clive-palmers-250m-rescue-plan/n

Weak global demand for coal is likely to undermine Clive Palmer’s alleged $250 million rescue package for his Queensland Nickel refinery, which could see his Galilee Basin coal tenements put up for sale.

The operating company for the federal MP’s Townsville nickel refinery collapsed into voluntary administra*tion last week, days after it sacked 237 workers.

Administrators are combing through the finances of Mr Palmer’s complex web of companies and will hold the first creditors’ meeting in Townsville tomorrow.

Two of Mr Palmer’s companies — Waratah Coal and China First, which have exploration permits over coal tenements in central Queensland’s Galilee Basin — became secured creditors of Queensland Nickel four days before it collapsed.

Insolvency experts said the move could be interpreted as an attempt by the Palmer companies to leap the creditors’ queue.

But The Australian under*stands Mr Palmer has told *administrators the two companies’ coal holdings are valued at $250m, and could be sold or used as security for a bank loan to help keep the refinery afloat.

Waratah Coal holds 14 granted exploration permits for coal in the Galilee, and unapproved applicat*ions for two mineral devel*opment licences and two mining leases.

Yet a senior operator in the Queensland coal industry told The Australian there was no way that Mr Palmer’s Galilee Basin coal exploration permits could generate $250m, given the depresse*d coal price.

“It’s a stretch,” the coal executive said. “The coal price has been hammered and you can pick up assets cheaply, even producing assets, rather than development assets that require a lot of resources to get off the ground. In a better market, they might fetch that much or more. But not now.”

He also said it was unlikely banks would offer finance using coal deposits — rather than a producing mine — as security.

An affidavit sworn by Queensland Nickel chief financial officer Daren Wolfe in the Federal Court in Western Australian late last year revealed that Waratah Coal’s financial situation was parlous*.

Waratah Coal had little more than $21,000 in cash in the bank in October and had brought in only $2441 in revenue in the 2014-15 financial year. Mr Wolfe said it was struggling to meet the minimum spending commitment of about $4m required* to keep the coal tenements in Mr Palmer’s control.

But The Australian under***sta*nds the threshold is less than $1m, and Waratah Coal is on track to meet the commitment.

 

[noco]

Palmer is a shroud customer indeed........I have stated on a few occasions the real reason Palmer wants to place QNI into voluntary liquidation is to avoid the environmental clean up of the tailing dams which is estimated to cost between $40 and $300 million plus some $70 million which will be owed to ex employees......Add to all that to what he owes to the creditors....This bloke could walk away from the lot and not lose a razoo and has it legally covered.

The state government had commenced a court case against Palmer to fix the tailing dams....I guess that will be now put on ice.

It is so wrong.



https://au.news.yahoo.com/qld/a/30681566/queensland-nickel-creditors-to-meet/

 

[SirRumpole]

It is so wrong.

Yep, I agree.

As wrong as Campbell Newman giving his mining company mates immunity from prosecution.

 

[Tisme]

Yep, I agree.

As wrong as Campbell Newman giving his mining company mates immunity from prosecution.

You don't mean the ~$1m Sibelco Australia Limited gave Campbell as campaign funding so they could get a $1.5bn windfall in sand mining revenue was actually questionable?

 

[SirRumpole]

You don't mean the ~$1m Sibelco Australia Limited gave Campbell as campaign funding so they could get a $1.5bn windfall in sand mining revenue was actually questionable?

Perish the thought