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Clive Palmer had active role in Queensland Nickel finances, court hears

Monday, 5 Sep 2016 11:01:05 | Andrew Kos

Clive Palmer at a rally in Canberra. (ABC News: Jenny Magee)

Queensland Nickel's former chief financial officer, Daren Wolfe, has told Brisbane's Federal Court that all expenses over $10,000 had to be approved by Clive Palmer, even after he quit as a director.

Mr Wolfe told the court that Queensland Nickel's owner, Mr Palmer, had an active involvement in financial decisions.

There was an approvals process in place that meant expenditure needed to be reviewed by Mr Palmer, managing director Clive Mensink and Mr Palmer's son Michael before going ahead.

Tom Sullivan QC for special purpose liquidators PPB Advisory asked Mr Wolfe if it was common for Mr Palmer to "dictate" how Queensland Nickel spent its money.

"I don't think dictate is the right word — there was an approvals process," Mr Wolfe said.

The court also heard weekly and monthly financial statements were prepared in the lead up to the company's collapse and Mr Palmer liked to have some reports delivered in hard copy because of fears of espionage.

The Townsville refinery went into voluntary administration in January with debts totalling $300 million.

The Federal Government is pursuing around $70 million it paid in workers entitlements.

The court was told Mr Palmer was involved in decisions to delay payments to creditors, including the millions owed to freight company Aurizon.

It was revealed that by late 2015 Queensland Nickel's cash flow problems were hindering its ability to pay creditors.

Mr Palmer and former managing director of operations, Ian Ferguson, have also been summonsed to appear.

The hearing continues.

AustraliaPlus


 

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