ASIC questions Palmer

CLIVE Palmer’s flagship company Mineralogy has been brought into the corporate watchdog’s investigation into the collapse of Queensland Nickel, as it can also be confirmed the colourful billionaire and his relatives have now been questioned.

Australian Securities and Investments Commission boss John Price confirmed to a parliamentary committee yesterday the investigation, which is considering potential criminal charges, had become well advanced.

“We are at the point where we are in discussion with various other government agencies about the appropriate way forward,” Mr Price said.

“We have conducted various examinations with many people including Mr Palmer, some of his relatives, former employees and officers of Queensland Nickel and related entities and external company advisers.

“We are looking at Queensland Nickel and associated companies. That includes a range of related entities including a company called Mineralogy.”

It is the first time ASIC has revealed it has spoken to Mr Palmer regarding its investigation.

The inquiry, spanning more than three years, has included 180 statutory notices seeking information, eight terabytes of emails and the watchdog g recently received a further 32 terabytes of data for analysis.

ASIC has been probing political donations, use of aliases, shadow directors and conflicts of interest related to QN.

Queensland Nickel went into liquidation in 2016, owing its 800 workers more than $70 million.

Last month he reached an out of court settlement with Queensland Nickel liquidators understood to be worth more than $100 million, including $66 million in Commonwealth taxpayer funds used to pay his staff’s outstanding entitlements.

Mr Palmer said there was “no substance” in what Mr Price said.

“All creditors of Queensland Nickel have been paid 100 cents in the dollar. The Special Purpose Liquidator has withdrawn all allegations made about Clive Palmer before the courts,” he said.

The refinery’s General Purpose Liquidators are still pursuing Mr Palmer for claims including that he acted as a shadow director and that the business operated while insolvent, which he denies.

Mr Price said Mr Palmer’s nephew Clive Mensink, who was a director QN at the time of its collapse, remained out of Australian jurisdiction so had not been spoken to as part of the investigation.

Mr Mensink was last known to be in Bulgaria while wanted on two warrants to face questions in court related to QN.