NZ, not Australia, great for Palmer
Clive Palmer, the comeback politician who says he wants to “Make Australia Great” has quietly shifted control of his biggest company offshore.
Mr Palmer has spent millions plastering bright yellow billboards bearing his image across the country in preparation for a political comeback this year, and last week pestered 5.6 million Australians with text messages spruiking his political resurrection — all on a platform of “Put Australia First”.
But just before Christmas, Mr Palmer restructured his business affairs, making New Zealand greater by installing a newly created New Zealand company as the new “ultimate holding company” of his resources flagship, Mineralogy.
Mineralogy is the cashed-up centre of Mr Palmer’s empire, declaring a $354.7 million profit last year after a big legal victory over China's CITIC.
It helped bankroll Mr Palmer's last stint in Federal politics, donating more than $10 million to the Palmer United Party during his last term in Canberra. It is now controlled by Mineralogy International Ltd, which Mr Palmer registered in New Zealand on December 14. Mineralogy International is, in turn, owned by Mr Palmer and several Australian-based companies he also controls.
Mr Palmer yesterday rejected the suggestion moving corporate control of his Australian empire to New Zealand, while running for office on a “Put Australia First” platform, smacked of hypocrisy. “It’s got nothing to do with politics,” he said.