The Queensland Supreme Court has dismissed the claims by John Park and his overseas liquidator funders Vannin Capital Operations Limited of $124 million against Mineralogy.
Justice Debra Mullins found both the China First charge and the Waratah Coal charge, as set out in the Administrators 439A report, were uncommercial transactions and therefore voidable.
It had been claimed that these transactions had resulted in Queensland Nickel incurring a liability of approximately $135 million shortly prior to its administration and that obligation was secured by charges given to China First and Waratah Coal. The liquidators were successful in setting aside these transactions.
Justice Mullins did not find in favour of the liquidator’s claim against Mineralogy and ordered that the claims by liquidator James Park against Mineralogy and Clive Palmer be dismissed.
Mr Palmer said he was always confident of not being liable for the $124 million.
“It’s clear that all payments from Queensland Nickel have been paid properly for the purpose of that business.”
Mr Palmer said the Federal Government needed to look at the rules governing liquidators and ASIC, who sought to disrupt businesses and thousands of Australian lives unnecessarily by activing overzealously for their own notoriety and profits.
“This case has cost Mineralogy millions of dollars and I will seek compensation from James Park and Vannin Capital,” he said.
“I will leave no stone unturned. I’m considering a $50 million action against John Park and the overseas liquidator funder Vannin Capital Operations Limited,’’ Mr Palmer said.
The liquidators and their legal advisors are reviewing the matter and considering their response to the judgement.
