Palmer to sue John Park and FTI for $1.2 billion

Clive Palmer announced in Brisbane today that he and two of his companies would serve a statement of claim in coming weeks seeking $1.2 billion in damages from John Park, his colleagues and FTI in respect of their administration of Queensland Nickel and the illegal diversion of the Queensland Nickel Joint Venture Funds and assets.

Causes of action will include aiding and abetting a breach of trust and causing serious breaches of the Queensland Nickel Joint Venture Agreement by Queensland Nickel.

"Park has opposed the appointment of a special purpose liquidator by the Commonwealth to cover up his wrong doing and has sought to convince the creditors’ committee of Queensland Nickel Pty Ltd (QN) to oppose it,” Mr Palmer said.

“John Park has done this for one purpose only and that is to hide his criminal actions and diversion of joint venture funding from a new liquidator.

“In short, Park lied in his report as administrator to creditors including the Commonwealth."

Mr Palmer said the special purpose liquidator should commence proceedings against Mr Park to recover the worker entitlements caused by his closing down of the refinery and sacking the workforce in breach of the Queensland Nickel Joint Venture Agreement.

He said the refinery would still be operating if Mr Park hadn't sacked everyone.

"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,’’ Mr Palmer said.

"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.

"ASIC has previously stated it was concerned that John Park and FTI were not putting the interests of unit holders before their own.

“I note the findings of the Honourable Justice Jean Dalton of the Queensland Supreme Court who stated when referring to Mr Park in relation to the LM funds case: ‘The administrators of (LM) have in my view, demonstrated a preparedness to act in a way inconsistent with those owing a duty as a responsible entity and trustee under the Corporations Act. My view is that they have preferred their own commercial interests to the interest of the fund’,’’ he said.

"Park is at it again. He should have lost his licence following the LM scandal and been removed by the Supreme Court of Queensland as administrator but ASIC failed to act. If they had, thousands of jobs in North Queensland would have been preserved.

"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.

“Park has, like the Supreme Court found in the LM case, preferred his own interests over the lives of so many families in Townsville,’’ Mr Palmer said.

"John Park and FTI have a serious conflict of interest. He should resign as liquidator of Queensland Nickel Pty Ltd in favour of the Commonwealth Government nominated liquidator.

“Park cannot continue to draw millions of dollars in fees while he personally faces serious claims in the Supreme Court of Queensland from the Joint Venture parties over his disgraceful conduct as administrator of Queensland Nickel Pty Ltd,’’ Mr Palmer said.

ENDS:

Gnads wrote on May 17^th, 2016 at 6:09pm:



spot on..... hes suing the admin... typical of this manic bully......have a read of all the things he is accusing John Parks of doing.....I ask you to what purpose would he have had for doing any of it.. willfully..

this man is so ,up himself...he has almost accused everyone of being against him even the Chinese...

like all bullies he blames every body else bar himself.. what a filthy mongrel he is proving to be... day after day.