News State QLD News Court orders Clive Palmer to reveal his wealth

Court orders Clive Palmer to reveal his wealth

clive palmer queensland nickel
A Supreme Court judge on Monday ordered Clive Palmer to disclose all assets within 30 days. Photo: AAP
Twitter Facebook Reddit Pinterest Email

Clive Palmer has been ordered to disclose the entirety of his personal assets as part of an ongoing legal dispute with Queensland Nickel liquidators.

Brisbane Supreme Court Justice John Bond on Monday gave the mining magnate 30 days to complete the list and hand it over.

The value, location and his interests in the assets must be included.

Palmer’s businesses, including Mineralogy, QNI Metals, QNI Resources and Palmer Leisure, must also comply with the order.

It follows Justice Bond’s decision to freeze more than $500 million of the former federal politician’s personal and business assets in May.

Two of the orders, relating to the disclosure of assets, were stayed until Monday after Palmer and his companies’ legal team argued they hadn’t had a chance to put their case.

They claimed compiling the list would be costly and could not be done within 30 days, let alone the original seven-day time frame.

They instead proposed a period of three months, while Palmer offered to provide a list of $2 billion worth of his assets within 30 days.

But he also requested the orders not be enforced until his appeal of the freezing orders went before the court.

Barrister Matthew Hickey, representing the liquidators, argued they should be enforced because an appeal could take months.

Justice Bond agreed but instead gave Palmer and his companies 30 days to compile the list “to the best of their ability”.

If some assets could not be valued in time, he said an explanation would be required as to why.

Justice Bond said he did not believe Palmer had lodged his appeal in a bid to bide time.

The matter will return to court at a later date.


View Comments