I hope they throw the book at this crook...Palmer deserves all that is coming to him.....His ego is so high he thinks he is bullet proof.
http://www.theaustralian.com.au/new...heAustralianNewsNDM (The Australian | News |)
Federal MP Clive Palmer faces the possibility of up to five years’ jail, bankruptcy and the unravelling of his fin*ancial empire after he was found to have siphoned more than $200 million from his cash-strapped Queensland Nickel to his other businesses before its *collapse.
A crushing administrators’ report recommends the refinery company be put into liqui*dation, finding it may have traded while insolvent and that Mr Palmer secretly acted as a “shadow director”, making him personally liable for the company’s collapse.
It also exposes the rest of his empire to possible legal plundering to repay $300m in debts owed to nearly 800 sacked workers and other creditors.
Administrators say Mr Palmer for years used QN as a “piggy bank” to prop up his other businesses, spending $21.5m on donations to his political party, nearly $6m on his ill-fated attempt to rebuild the Titanic, $5m on 60 vintage cars for his Sunshine Coast golf resort and $38m to him, his wife and his father-in-law on a *single day in 2012.
More: Watchdogs should have done jobs
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Of $224m in QN funds siph*oned to other businesses since February 2011, $189m of the loans were forgiven.
The corporate watchdog is already investigating the failure of the Townsville refinery and will be under extra pressure to act after voluntary administrators FTI Consulting found Mr Palmer and his nephew, Clive Mensink — QN’s sole director — might have breached civil and criminal corporate law by acting “recklessly” as directors. The most severe penalty is five years in jail.
“We have considered the evidence available and are of the view sections 180, 181, 182, 183 of the act may have been breached,” FTI’s John Park wrote in his report.
“Further, there are indications the directors (Mr Mensink and Mr Palmer) may be in breach of their common law and fiduciary duties and may have also committed offences under Section 184 of the (Corporations) Act.
“Both Mr Mensink and Mr Palmer, in our view, appear to have been reckless in exercising their duties and powers as directors of QN. Ultimately, the determination of whether the directors have breached their duties will be made by a court.”
Mr Palmer denies any wrongdoing and insists he was entitled to act as he did under the terms of the refinery’s joint venture agreement.
http://www.theaustralian.com.au/new...r/news-story/933cbaf4e6011267764c998ef9e2cf41
Clive Palmer started whisking huge sums of cash from the coffers of Queensland Nickel one day in late November, 2012.
By the end of that day, Thursday, November 29, a total of $42,689,601 had been siphoned off. It was the biggest outflow of cash in one day in the nickel refinery’s torrid history.
In its damning report, the administrators of Queensland Nickel list where the sums of money went.
One account, SCI Le Coeur de L Ocean, which Palmer’s parliamentary register lists as being in French Polynesia and belonging to his wife, Anna Palmer, received a deposit of $US15 million.
Anna’s father, Alexandar Sokolov, suddenly found himself $US8m richer, at least on paper. Another chunk of $US15m went into Palmer’s personal accounts. A person called Zhenghong Zang received $4m, then a $500,000 top-up. Bednova Evgenia, believed to be one of Anna Palmer’s Bulgarian-born relatives, received $959,728.
The motives for the handful of massive withdrawals in one day have been a mystery.
The Australian can reveal, however, that Palmer was in a panic and highly agitated when he instructed the transfers on November 29, 2012.
A confidante recalled him being “absolutely paranoid — more so than usual” around this time because of something he believed he had discovered.
But what was it? Palmer believed that the Queensland government, led by then premier Campbell Newman, was secretly planning to imprison him and imminently confiscate his assets.
http://www.theaustralian.com.au/new...heAustralianNewsNDM (The Australian | News |)
Federal MP Clive Palmer faces the possibility of up to five years’ jail, bankruptcy and the unravelling of his fin*ancial empire after he was found to have siphoned more than $200 million from his cash-strapped Queensland Nickel to his other businesses before its *collapse.
A crushing administrators’ report recommends the refinery company be put into liqui*dation, finding it may have traded while insolvent and that Mr Palmer secretly acted as a “shadow director”, making him personally liable for the company’s collapse.
It also exposes the rest of his empire to possible legal plundering to repay $300m in debts owed to nearly 800 sacked workers and other creditors.
Administrators say Mr Palmer for years used QN as a “piggy bank” to prop up his other businesses, spending $21.5m on donations to his political party, nearly $6m on his ill-fated attempt to rebuild the Titanic, $5m on 60 vintage cars for his Sunshine Coast golf resort and $38m to him, his wife and his father-in-law on a *single day in 2012.
More: Watchdogs should have done jobs
More: Chickens come home to roost
More: Clive call reveals our worst fears
Of $224m in QN funds siph*oned to other businesses since February 2011, $189m of the loans were forgiven.
The corporate watchdog is already investigating the failure of the Townsville refinery and will be under extra pressure to act after voluntary administrators FTI Consulting found Mr Palmer and his nephew, Clive Mensink — QN’s sole director — might have breached civil and criminal corporate law by acting “recklessly” as directors. The most severe penalty is five years in jail.
“We have considered the evidence available and are of the view sections 180, 181, 182, 183 of the act may have been breached,” FTI’s John Park wrote in his report.
“Further, there are indications the directors (Mr Mensink and Mr Palmer) may be in breach of their common law and fiduciary duties and may have also committed offences under Section 184 of the (Corporations) Act.
“Both Mr Mensink and Mr Palmer, in our view, appear to have been reckless in exercising their duties and powers as directors of QN. Ultimately, the determination of whether the directors have breached their duties will be made by a court.”
Mr Palmer denies any wrongdoing and insists he was entitled to act as he did under the terms of the refinery’s joint venture agreement.
http://www.theaustralian.com.au/new...r/news-story/933cbaf4e6011267764c998ef9e2cf41
Clive Palmer started whisking huge sums of cash from the coffers of Queensland Nickel one day in late November, 2012.
By the end of that day, Thursday, November 29, a total of $42,689,601 had been siphoned off. It was the biggest outflow of cash in one day in the nickel refinery’s torrid history.
In its damning report, the administrators of Queensland Nickel list where the sums of money went.
One account, SCI Le Coeur de L Ocean, which Palmer’s parliamentary register lists as being in French Polynesia and belonging to his wife, Anna Palmer, received a deposit of $US15 million.
Anna’s father, Alexandar Sokolov, suddenly found himself $US8m richer, at least on paper. Another chunk of $US15m went into Palmer’s personal accounts. A person called Zhenghong Zang received $4m, then a $500,000 top-up. Bednova Evgenia, believed to be one of Anna Palmer’s Bulgarian-born relatives, received $959,728.
The motives for the handful of massive withdrawals in one day have been a mystery.
The Australian can reveal, however, that Palmer was in a panic and highly agitated when he instructed the transfers on November 29, 2012.
A confidante recalled him being “absolutely paranoid — more so than usual” around this time because of something he believed he had discovered.
But what was it? Palmer believed that the Queensland government, led by then premier Campbell Newman, was secretly planning to imprison him and imminently confiscate his assets.
