Home | Australia | Queensland court freezes $205m of Clive Palmer's assets

Queensland court freezes $205m of Clive Palmer's assets

Judge says Queensland Nickel liquidators have ‘good arguable case’ against mining magnate and his companies

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Clive Palmer



Mining magnate and former federal MP Clive Palmer is facing legal action by Queensland Nickel liquidators.
Photograph: Regi Varghese/AAP

A Queensland court has ordered the freezing of hundreds of millions of dollars of Clive Palmer’s assets.

Supreme court justice John Bond on Friday approved an application by Queensland Nickel liquidators to freeze almost $205m of Palmer’s personal wealth, as well as other unspecified amounts relating to his several companies.

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Bond said it was a temporary direction until the court case was finalised.
It does not stop Palmer from using his assets as part of the ordinary course of business.

But Palmer’s lawyers immediately requested a stay of the orders so they could appeal the decision. They were set to argue their case on Friday afternoon.

Bond said one of the reasons he granted the orders was because the federal government-appointed liquidators had a “good arguable case” against Palmer and his companies.

The justice also said there was a real risk the mining magnate and former federal MP would “attempt to frustrate or inhibit the prospects of enforcement of execution of any significant judgment against him or any of his companies”.

Earlier this year Palmer claimed he was worth $4bn. Bond said in his judgment if Palmer had the wealth he claimed he did, the making of the orders was not likely to be “significant”.

Queensland Nickel liquidators launched legal action against Palmer in a bid to claw back some of the money owed to creditors following the collapse of the refinery in 2016.

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