Clive Palmer acted as shadow director of QN, administrator claims
Clive Palmer has been referred to the corporate regulator after administrators found he acted as a shadow director of his Townsville nickel refinery, writes Mark Ludlow.
Resources entrepreneur-turned-MP Clive Palmer used his Townsville nickel refinery as a "piggy bank" and exercised control even though he wasn't on the board, a damning report from the refinery's administrators found.
Mr Palmer and his nephew Clive Mensink were accused of being "reckless" in their management of the company by siphoning off more than $200 million to his other interests, including the Palmer United Party, the report found.
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Mark Ludlow writes on politics, energy and infrastructure based in Brisbane. Connect with Mark on Twitter. Email Mark at mludlow@afr.com
