Liquidators set to put big freeze on Clive’s assets
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.