Mensink monitored

ASIC on alert as Palmer gives fugitive nephew work

THE corporate watchdog has confirmed it is monitoring Clive Palmer’s decision to offer his fugitive nephew a Londonbased gig overseeing plans to build a replica of the Titanic.

Clive Mensink has accepted a job with his uncle’s company Blue Star Line, which Mr Palmer announced last month would embark on a second attempt to build and operate a replica of the doomed Titanic after an earlier attempt failed due to a lack of cash.

Mr Mensink is a wanted man in Australia, with a series of warrants issued for his arrest after he refused to return for questioning in the Federal Court over the collapse of Queensland Nickel. He was the sole registered director when it closed in 2016, leaving 800 people out of work and more than $ 200 million in debts.

The Australian Securities and Investments Commission yesterday confirmed the watchdog was monitoring Mr Mensink’s job announcement.

“The detail is limited at present but it is certainly something we are following,” a spokesman said.

“We have a current investigation in relation to various matters to do with Mr Palmer and related entities.

“We are considering all rel- evant matters within the investigation.”

While friends and family of the fugitive company director have continuously denied knowledge of Mr Mensink’s whereabouts, News Corp journalists found him living in Sofia, Bulgaria, earlier this year. But despite knowing his location, it’s believed Australian authorities cannot enforce the existing arrest warrants in offshore jurisdictions because they involve a civil matter.

Pursuing extradition would only become an option if Mr Mensink were to be charged with a serious criminal offence that attracted a jail sentence of two or more years.

Mr Palmer first announced he would build the Titanic II in 2012, with a projected maiden voyage set for 2016, but the project was suspended in 2015 after financial snags.

According to a 2016 creditors’ report prepared by Queensland Nickel administrators FTI Consulting, the refinery loaned more than $ 220 million to Mr Palmer’s related companies in the lead- up to its collapse. The documents show Blue Star Line, Mr Palmer’s company overseeing the ship project, was loaned more than $ 5.9 million.

“On behalf of Blue Star Line, QN incurred a total of $ 5.88 million in expenses, including $ 1.9 million in project management fees and over $ 3.3 million in costs associated with marketing the venture through launch events in the UK and USA,” the creditors’ report said.

Mr Palmer is scheduled to face a second round of questioning in the Federal Court later this month in relation to Queensland Nickel’s collapse.

THE DETAIL IS LIMITED AT PRESENT BUT IT IS CERTAINLY SOMETHING WE ARE FOLLOWING ASIC SPOKESMAN