http://www.msn.com/en-au/news/australia/clive-palmer-future-of-mps-business-empire-in-doubt-after-judge-throws-out-bid-for-dollar48m-from-estranged-chinese-business-partners-citic/ar-AAg8red?li=AA4RE4&ocid=iehp

The future of federal MP Clive Palmer's business empire looks shaky after a West Australian judge last night rejected his bid for $US48 million from his estranged Chinese business partner CITIC.

Mr Palmer's company Mineralogy was seeking an urgent order from the court for CITIC to pay the money by 4:30pm on Monday, stating that was the deadline for putting his Townsville nickel refinery into administration and sacking 776 workers.

Outside court, a spokesman for CITIC Pacific, Rob Newton, said the company's thoughts were with the workers of the Yabalu refinery but that the future of Queensland Nickel was not Citic's responsibility.

"Mr Palmer is responsible for how he spends his money and his business decisions," Mr Newton said.

"Over recent years, those decisions have included golf courses, they've included soccer teams, nickel mines, Titanic 2 and robotic dinosaurs."

The company has been contacted for comment.

Unions will meet with refinery management later this morning.

The Australian Workers' Union's Cowboy Stockham said they were hoping to find out more.

"We're heard the rumours, the whole town is alive with them, I just want to hear it from the horse's mouth, what's going on and where to from here, what's the process from here?" he said.

He said the more than 700 workers at the refinery were feeling despondent ahead of a decision on the future of their jobs.

Financial position of Palmer's empire 'worse than perilous'

Mr Palmer's own lawyer Simon Couper QC described the financial position of the empire of the Queensland businessman turned politician as "worse than perilous".

In addition to the dire consequences facing Queensland Nickel, the court heard Mr Palmer's flagship business Mineralogy was struggling to pay its legal fees in six separate actions, which would cost an estimated $10 million over the next 12 months.

The court also heard that the company had less than $500,000 in the bank at the end of June and if its bid for cash was rejected, it would jeopardise the jobs of 14 of its staff.

Mineralogy is the parent company to Waratah and Fairway Coal.

Mineralogy submitted that both companies could struggle to maintain their respective mining tenements without the payment, with Waratah being forced to terminate the employment of seven staff members.

It is a major blow for the self-described billionaire, whose personal wealth has been a source of speculation and scrutiny for years.

It is unclear what the fate of his diverse empire will be.







Too many dinosaurs, private planes, failed resorts and failed political parties....

I heard this a couple of days ago... but no one verified it....so thought it was just media talk..


couldnt happen to a nicer bloke if its true..


he sounds very much an Alan Bond type... its all smoke and mirrors when it comes down to brass tacks..

he got very hostile when he was asked about selling Coolum.... so maybe that too is up to the top in debt...

just like Bondy..

and who was the COal guy.. Tippett.or Tinkler.. all spending money on credit cards.

Queensland Nickel might be in strife cash flow wise.  That is not Clive personally.

Obviously, the bitch fight between an Australian Company and a Chinese (Government owned) Corporation is having a direct and negative impact on Australians.  Undeniable.

Australia has high quality Nickel ore

Look at how much it is per MT and tell me if he's broke

Look at how much nickel and other resources he's sold for the last 10 years and tell me if he's broke

Aussie wrote on Dec 8^th, 2015 at 3:56pm:

Queensland Nickel might be in strife cash flow wise.  That is not Clive personally. Obviously, the bitch fight between an Australian Company and a Chinese (Government owned) Corporation is having a direct and negative impact on Australians.  Undeniable.

$50M spent on PUP - a complete fiasco - could have saved his nickel company. I wonder if Clive will sell his embarrassing dinosaurs and coolum failure.

Which government was spending like a drunken sailor because they were telling us the resources boom was going to go for another 20 years ??

Sir lastnail wrote on Dec 8^th, 2015 at 5:08pm:

Which government was spending like a drunken sailor because they were telling us the resources boom was going to go for another 20 years ??

Labor.

Next silly comment, wannabe?