https://www.engineeringnews.co.za

Queensland Nickel liquidators set sights on fund recovery

22nd April 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The creditors of embattled Queensland Nickel on Friday voted to support a recommendation by administrators to wind up the company.

Liquidators have now been appointed and would undertake to recover monies owing to creditors.

This recovery process could include pursuing recovery of any loss suffered by Queensland Nickel as a result of uncommercial and director-related transactions, the liquidators said.

A recent report by the Queensland Nickel administrators claimed that the company was used to fund owner Clive Palmer’s other interests, including his political agenda.

It was estimated that about A$200-million had been syphoned from the Queensland Nickel accounts into other companies within Palmer’s business portfolio, while the nickel company also forgave A$189-million in loans between 2012 and 2016.

The federal government recently announced that it would assist in paying out outstanding entitlements to the 787 former employees of Queensland Nickel, who were owed a combined A$72-million in redundancy entitlements.

The federal government was hoping to reclaim some of the entitlement payments through its Fair Entitlement Guarantee recovery programme.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.828s - 140pq - 2rq
Subscribe Now