‘Make Australia Great’ billionaire shifts empire to NZ
Australian mining magnate and would-be politician Clive Palmer has shifted control of most of his business empire to New Zealand.
The Australian reports that Palmer’s flagship private company, Mineralogy – which is funding a federal election campaign for his United Australia Party – is now owned by New Zealand-registered Mineralogy International.
According to the Companies Office, the New Zealand company was registered in mid-December, with Palmer holding 25,400 of the 6 million shares.
The remainder are held by two other companies, River Crescent Pty Ltd and Closeridge Pty Ltd.
Palmer, who is campaigning to win seats using the slogan ‘‘Make Australia Great’’, rejected suggestions that shifting control of his key assets to another country was hypocritical.
‘‘Australians invest throughout the world and I’ve invested in New Zealand,’’ he said.
The Australian said Palmer was threatening to sue Australian taxpayers for A$45 billion (NZ$47.9 billion) in a desperate attempt to stop a Chinese stateowned company from seizing control of a mining project in Pilbara, Western Australia.
Palmer said the move offshore meant Mineralogy would be able to claim compensation from the Australian government under the investor protection provisions of the Australia-New Zealand freetrade agreement.
He vowed to launch the damages claim if West Australian Premier Mark McGowan carried through with his threat to legislate in favour of Chinese giant Citic’s interests in the $US10 billion (NZ$14.9b) Sino Iron project in the Pilbara.
Palmer’s United Australia Party has campaigned against the sale of Australian assets to Chinese state-owned companies.
McGowan says he wants to save 3000 jobs at the mine.
The Forbes rich list estimated Palmer was worth US$1.8b (NZ$2.6b) as a result of his portfolio of iron-ore, nickel, coal and hydrocarbon assets.
In 2012, around the time of the 100th anniversary of the sinking of the Titanic, Palmer floated plans for a 21st-century version of the liner which is due to make its maiden voyage in 2022.
Last year he appeared in a new video spruiking his plan to build the Titanic replica, saying it would be a ‘‘ship of peace’’ that ‘‘represents the reconciliation of man’’.