Clive Palmer is suing his former business partners for $4.7 billion over disputed payments for the Sino Iron project in WA, and the impact that had on the failure of his Palmer Petroleum and Queensland Nickel businesses.
Palmer has opened a $2.7 billion case in the WA Supreme Court over the collapse of Palmer Petroleum, and another case in Queensland over the collapse of Queensland Nickel.
Palmer says the collapse of Palmer Petroleum resulted in the loss of the company’s oil and gas assets in Papua New Guinea, and the collapse of Queensland Nickel also led to a major loss of refining assets.
He is claiming the lack of timely royalty payments from CITIC for the Sino Iron project contributed to the failure of his other businesses.
CITIC was recently ordered to pay $353 million to Palmer’s business by a Western Australian court, over royalty payments for the US$12 billion Sino Iron project. The ruling also forces CITIC to pay Palmer continuing royalties, which could add up to billions of dollars over the life of the project. CITIC is appealing the ruling.