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Clive Palmer withdraws lawsuit against Queensland Nickel liquidators

Metal News - Published on Thu, 11 Oct 2018

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ABC NET reported that businessman Clive Palmer has withdrawn counterclaims seeking AUD 1.8 billion in damages from liquidators of Queensland Nickel, who are seeking to recover hundreds of millions of dollars over the closure of the Townsville refinery. The claim against FTI Consulting managing director John Park and special purpose liquidator Stephen Parbery was brought in April over lost value allegedly caused to Mr Palmer and his companies as a result of the long-running legal dispute.

At the time, Mr Palmer said the liquidators had caused nearly AUD 2 billion in lost value when they closed the refinery at Yabulu in 2016. He said that "We're now ensuring the individual liquidators will pay for it and the true story will come out.”

Mr Palmer has dropped the claim against the special purpose liquidators, but the case against FTI Consulting is continuing.

Mr Palmer described the appointment of QNI liquidators as a "politically motivated witch-hunt".

QNI collapsed in 2016 with AUD 300 million in debts, putting more than 800 people out of work.

Mr Palmer, his nephew Clive Mensink and 19 other people are being sued for about AUD 500 million by liquidators PPB Advisory, who were appointed by the Federal Government.

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Posted By : Rabi Wangkhem on Thu, 11 Oct 2018
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