Clive Palmer to release Queensland Nickel documents

UPDATE: CLIVE Palmer has released a document he claims proves he wasn’t acting as a shadow director or doing anything untoward at his embattled nickel refinery.

18/3/2016: Clive Palmer has lunch with former ALP Minister and now lobbyist Jim Elder, and Warwick Powell (R) who wants a community buyout of Palmers nickel refinery. Palmer then leaves via a loading dock, then struggles with $100 dollar bills to pay a parking machine with the aid of Jim Elder. Lyndon Mechielsen/The Australian

• Queensland Nickel: ‘We won’t let Clive Palmer get away with it’
• Queensland Nickel workers told they’ll get paid

CLIVE Palmer has released a document he claims proves he wasn’t acting as a shadow director or doing anything untoward at his embattled nickel refinery.

Administrators FTI Consulting on Tuesday released a report into Queensland Nickel, saying there was evidence Mr Palmer acted as a shadow director, used the company as a “piggy bank” to fund other endeavours and could face criminal charges for his conduct.

“This document will validate the structure of the Queensland Nickel Joint Venture Agreement, but in short the report released yesterday is nothing more than a beat up,” Mr Palmer said in a statement on Wednesday, which had a copy of the 93-page QN joint venture agreement attached.

He also said FTI was wrong by suggesting QN could have been trading while insolvent from November 27 last year by pointing to a default notice from Aurizon on that date.

Mr Palmer said Aurizon had agreed in writing to give an extension until January 18 so a “financing solution” could be achieved.

“On 18th January 2016 when said solution was not achieved, the director then complied with his obligations and placed QN in administration,” he said.

“There was no insolvent trading.”

FTI’s damning report found Mr Palmer appeared to act as a shadow director alongside the sole appointed director, his nephew Clive Mensink.

The administrator said Mr Palmer and Mr Mensink may have breached parts of the Corporations Act and could face criminal charges.

The corporate regulator, the Australian Securities and Investments Commission, is investigating

EARLIER: CLIVE Palmer says he’ll release documents today showing his role at Queensland Nickel and proving he did not act as a shadow director.

The promise came as the federal MP and beleaguered businessman turned on administrators FTI Consulting, accusing them of unprofessionalism and acting only to secure money for themselves.

“The truth of the matter is the administrators are embarking on a campaign to secure more funds for their exorbitant fees,’’ Mr Palmer said in a statement on Wednesday morning.

“They have already paid themselves $4 million and are seeking to liquidate Queensland Nickel to pay themselves another $5 million.”

He said FTI Consulting did not raise any allegations contained in their report delivered yesterday with him.

“The administrators did so without providing myself or others named in their report the opportunity to be aware of such allegations or discuss such matters,” he said.

“The report calls into question the professionalism and impartiality of FTI. Their findings are filled with innuendo.”

Mr Palmer claimed it wasn’t his fault that the smelter closed or that workers hadn’t been paid.

“Queensland Nickel employees who were first made redundant were paid two weeks’ wages in advance while their redundancy and entitlements were being determined,” he said.

“It was FTI who made the decision not to pay entitlements, not any person working for Queensland Nickel.

“FTI continued to trade the company for over a month with Joint Venture funds without the Joint Venture’s approval.

“On March 3, Queensland Nickel ceased to be the manager of the Queensland Nickel Joint Venture.

“The administrator refused to transfer the joint venture bank account to the new manager as required by the joint venture agreement.”

The statement said Mr Palmer had obtained a $23 million line of credit which when added to the joint venture bank account that would have kept the refinery open avoiding further redundancies.