Palmer-owned refinery’s position ‘worse than perilous’ without $US48m payment

Agen Sabung Ayam

Posted December 07, 2015 sixteen:06:34

The West Australian Supreme Court has heard that until Clive Palmer’s Queensland Nickel gets a $ US48 million payment, “directors will have to occur in”.

The Federal MP is in courtroom to hear an injunction application by an additional of his firms, Mineralogy, in opposition to his estranged Chinese business partner CITIC over disputed royalties at the Sino Iron undertaking in the Pilbara.

Mineralogy is demanding CITIC spend $ US48 million, which would be funnelled towards the embattled nickel refinery.

The court has read if that funds is not paid, Queensland Nickel’s situation will be “worse than perilous”.

Mineralogy law firm Simon Couper told the court docket there was a hyperlink amongst Mineralogy obtaining cash and the ongoing survival of Queensland Nickel.

“Is the detriment genuine? Plainly it is,” Mr Couper explained.

CITIC’s law firm Charles Scerri questioned that urgency, arguing that the preceding “drop lifeless date” for Queensland Nickel experienced been Friday, but that experienced been miraculously prolonged till Tuesday.

Justice Paul Tottle also questioned why the company’s director experienced not taken other methods to steer clear of administration, instead arguing if the income was not compensated, he would “shut up shop, sack everybody and shut the refinery”.

“It appears a really dramatic action with no considering… other options apart from bank finance,” Justice Tottle said.

The hearing proceeds.

Topics: company-news, mining-business, courts-and-trials, australia, perth-6000, townsville-4810, qld

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