Cardwell resort in the clear

A COURT has ruled a Chinese company is the rightful mortgagee of a beleaguered North Queensland resort, following legal action to determine the future of the site.

Justice James Henry delivered his judgment yesterday in the Supreme Court in Cairns regarding the Port Hinchinbrook development at Cardwell, finding that SinoResource Import and Export Co was the mortgagee.

In August last year Queensland Supreme Court appointed a liquidator to take over The Passage Holdings, the company that was supposed to be developing the project.

Sino and Oakland had both allegedly lent money to Passage in 2016, with the loans purportedly secured by mortgages over the estate, with Oakland’s mortgage having priority over the two.

At the time of liquidation, Oakland was given possession of the estate, sparking a dispute over their right to possess and sell the estate.

Bankrupt businessman Craig Gore has been found to have been involved with Passage and to have played a role in attracting Sino to lend money to Passage.

Hinchinbrook MP Nick Dametto said he believed Cardwell could soon regain its status as a tourism hotspot following the decision.

“I know this decision has been a long time coming and many residents were eagerly awaiting the outcome,” he said.

“We all want a solution to the many issues that have plagued the development.

“Now that we have a court decision, I see this as an opportunity for residents to work with the new mortgagee of Port Hinchinbrook and the State Government in a bid to rectify some of the issues, such as dredging One Mile Creek.”