Palmer told he must tell all on assets
CLIVE Palmer has lost a last- ditch bid to keep his wealth a secret with a judge ordering him to produce a full list of his assets by July 11.
Mr Palmer had been ordered to provide the extensive list to lawyers for liquidators investigating the collapse of Queensland Nickel after they won a battle to have his assets frozen last month.
As part of the freeze, Mr Palmer was ordered to hand over the list of his assets, their value and location but is now trying to appeal the freeze and yesterday asked the court to stay the order to disclose his assets pending the outcome of the wider appeal.
Lawyers for Mr Palmer argued the disclosure could give liquidators unfair advantage and hinder the billionaire’s business deals.
“The broad submission is that information of this nature is private information and parties are not ordinarily required to disclose their private information to a counter party in a proceeding,” Mr Palmer’s barrister Kris Byrne said.
Barrister Tom Sullivan for the liquidators said there was no risk of a third party such as businesses or media accessing the list of assets because Justice John Bond had ordered the document be kept confidential between the parties.
Justice Robert Gotterson dismissed the application for stay and ordered Mr Palmer disclose the location and value of all assets pending the outcome of his appeal.