Clive: QN no cash cow
CLIVE Palmer has angrily denied Queensland Nickel was a “cash cow” for his flagship company Mineralogy.
The resources magnate has given evidence several times in the past 18 months at a public examination into the collapse of his company QN last year with $300 million in debts and more than 800 job losses.
Yesterday, Mr Palmer returned to the Federal Court witness box and was asked about a financial document that was allegedly not provided to the company’s liquidators.
The document purportedly relates to transactions between QN and Mineralogy.
Barrister John Peden QC asked Mr Palmer if QN was a “cash cow” for Mineralogy.
“Absolutely not, Queensland Nickel had no money,” Mr Palmer replied.