Liq­uida­tors set to put big freeze on Clive’s assets

Townsville Bulletin - - NEWS - RENEE VIELLARIS

GOV­ERN­MENT- ap­pointed liq­uida­tors have ap­plied to freeze hun­dreds of mil­lions of dol­lars worth of Clive Palmer’s assets in a shock move to help re­coup tax­payer money.

Special pur­pose liq­uida­tors PPB Ad­vi­sory yes­ter­day filed a Mareva in­junc­tion in the Supreme Court of Queens­land to stop Mr Palmer splurg­ing at least $ 200 mil­lion in per­sonal wealth or sell­ing his busi­nesses.

The lat­est salvo against Mr Palmer is one of the most sig­nif­i­cant steps to re­coup al­most $ 70 mil­lion in tax­payer cash paid to Queens­land Nickel em­ploy­ees left with­out en­ti­tle­ments when the re­fin­ery went bust last year.

Doc­u­ments filed in court re­veal the ap­pli­ca­tion ap­plies to 21 de­fen­dants, in­clud­ing Mr Palmer him­self and his many business in­ter­ests. A di­rec­tions hearing is ex­pected to­day.

“Clive Fred­er­ick Palmer must not re­move from Australia or in any way dis­pose of, deal with or di­min­ish the value of any of his assets in Australia up to the un­en­cum­bered value of $ 219,050,604.30, un­til fur­ther or­der,’’ the ap­pli­ca­tion states. It in­cludes Mr Palmer’s su­per yacht Max­imus, vin­tage cars, 15 prop­er­ties, golf cour­ses, his 100 per cent share­hold­ings in Bris­bane’s Nickel House and as­so­ci­ated busi­nesses.

The ap­pli­ca­tion also de­mands that the un­en­cum­bered value of QNI Met­als and assets must not dip be­low $ 49,993,120.74; QNI Re­sources re­tain value of al­most $ 200,000; Min­er­al­ogy re­tain al­most $ 16.5 mil­lion; Fair­way Coal re­tain about $ 9 mil­lion and Waratah Coal $ 2 mil­lion.

It also asks the court to en­sure Mr Palmer lives a “rea­son­able” life­style.

“This or­der does not pro­hibit ... Mr Palmer from pay­ing a rea­son­able amount to be de­ter­mined by the court on ac­count of liv­ing ex­penses”.

If Mr Palmer wants to op­pose the ap­pli­ca­tion he or his lawyers must ap­pear to­day.

Clive Palmer.

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