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Clive Palmer Made Payment to Mystery Woman In Kyrgyzstan – Report

Metal News - Published on Fri, 19 Jul 2019

Image Source: ABC
ABC NET reported that Mr Clive Palmer's multi-million-dollar payments to his father-in-law and a mysterious woman in Kyrgyzstan were among the funds he misused from Queensland Nickel coffers before its collapse, a court has heard. Barrister Shane Doyle, for government-appointed liquidators, said the basis of the case included that Mr Palmer was a shadow director of Queensland Nickel and breached his duties to the ultimately doomed company by misusing its money. He said Mr Palmer had the company financial controller transfer AUD 8 million to his father-in-law Alexander Sokolov and another AUD 1 million to a woman in Kyrgyzstan in 2012 — but no company records justified the claim they "represented" the enterprise.

Mr Palmer later had Mr Sokolov transfer money to Bulgaria for Mr Palmer's nephew and former Queensland Nickel director Clive Mensink, who is now on a "fugitive from Australia warrant" after he failed to attend federal court hearings into the collapse.

Mr Doyle said Mr Palmer's explanation for the $8 million was "natural love and affection" for his father-in-law but the cash was held for Mr Palmer's purposes, not Queensland Nickel's.

He argued that Mr Palmer's claim not to be a shadow director of QN did not stand up given he "often and actively exercised authority over (the company) about a range of matters, both large and trivial".

Barrister Graham Gibson, for non-government creditors, said QN was losing AUD 5 million a month and just under AUD 15 million in total before it finally called in administrators because an "increasingly strident" Aurizon was days away from pulling a rail service in a "fatal blow".

He said QN had failed to gain outside finance since September 2015 despite repeated approaches to at least eight Australian and overseas financiers as well as state and federal governments.

Mr Palmer and others had already planned to sack employees before QN went into administration, Mr Gibson said.

Despite its dire straits, and on the same day Aurizon threatened to pull rail services, QN executed "extraordinary transactions" with two Palmer-owned mining companies, China First and Waratah Coal.

Source :

Posted By : Ratan Singh on Fri, 19 Jul 2019
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