Talbot family in limbo as settlement of the billionaire mining magnate’s estate is delayed

MINING magnate Ken Talbot was tragically killed in a plane crash in 2010. Eight years on his family are still waiting for his estate and the establishment of Queensland’s largest charitable foundation to be finalised, writes Daryl Passmore.

“It’s a sad fact that Ken’s estate has not been settled since his death, almost eight years ago,” his widow Amanda Talbot says. Above, Amanda Talbot at the Brisbane Airport.

CLAUDIA Talbot has waited half her life for the estate of her father, late mining tycoon Ken Talbot to be sorted out – and there is no sign of it happening soon.

The Courier-Mail recently reported how delays in settling the billionaire’s affairs since his death in a plane crash in 2010 have prevented the establishment of his intended legacy – Queensland’s largest charitable foundation.

The funeral of Ken Talbot at St. Johns Cathedral in Brisabne. Wife Amanda with son Liam, oldest daughter Courtney, daughters Alex, 11 and Claudia, 8. Picture: Rob Maccoll

But the holdup, despite the fact his will is not being contested, has also left Talbot’s grieving family in limbo, unable to get on with planning the rest of their lives.

“It’s a sad fact that Ken’s estate has not been settled since his death, almost eight years ago,” his widow Amanda says.

“That represents half the lifetime of Ken’s and my youngest daughter Claudia, and also a time frame that has seen our oldest daughter (Alexandra) – who had just turned 12 when Ken was killed – turning 19 next month.

“At this stage, it is not clear to me when the administrator will settle the estate. It is my view that Ken wanted the estate settled within two years.

“From a personal point of view, I would like to see settlement occur soon so I can move on from Ken’s tragic death.

“Aspects of the estate are currently subject to legal proceedings. I am not at liberty to comment on those proceedings.”

Mrs Talbot’s comments come as former close colleagues of her husband question why it is taking so long for the coal baron’s assets to be liquidated by the administrator, Bill Boyd, and a family trust set up as directed in his will.

A truck driver’s son, the 59-year-old became one of Australia’s leading resources entrepreneurs and had built a fortune estimated at about $1.1 billion when he died, along with 10 colleagues and crew, during a flight to inspect a mine site in the Republic of the Congo.

He was waiting to fight corruption charges relating to $300,000 of payments to disgraced state government minister Gordon Nuttall at the time.

A truck driver’s son, Ken Talbot became one of Australia’s state’s leading resources entrepreneurs and had built a fortune estimated at about $1.1 billion when he died in 2010. Above: 2006 file shot of Ken Talbot at a mine site.

His will instructed that 30 per cent be used to set up the Talbot Foundation, a philanthropic fund to support a range of charities and non-profit groups. The other 70 per cent of his assets were to be placed into a Talbot Estate Trust for the benefit of his wife and four children.

His widow was to receive 18 per cent, and their two children Claudia and Alexandra 17 per cent each.

Talbot’s two older children from a previous marriage, Liam (now 35) and Courtney (33), were each to get 24 per cent.

Brisbane lawyer Bill Boyd, who drew up the will in 2002, replaced the original executor as administrator of the estate in 2012.

While some of Talbot’s assets have been disposed of, two of the key components of the estate – a 59 per cent stake in the Minas de Revuboe coal mine in Mozambique and more than 26 million shares in Karoon Gas – have not.

It is estimated that nearly $400 million has been lost from their combined value since his death.

Talbot’s former adviser Rajat Kohli, an investment banker and former vice-president of the world’s biggest steel company ArcelorMittal, says he is bewildered by the lack of discernible progress in settling the estate.

“If the estate were a public company, its shareholders would be asking difficult questions of the board and management.

“The mining sector is no longer at a nadir. Coal prices are performing well and there has been an increase in corporate activity in this area,” says Kohli who had been working on new initiatives with Talbot and claims “a deep understanding” of his assets.

Lawyer Bill Boyd, above, declined to comment or answer questions, saying “It’s a private matter and I’m not prepared to discuss it.”

“All of these developments strongly indicate that a flagship asset, Revuboe, should have been valorised by now. I am nonplussed that this is not so.

“The last thing he (Talbot) would have wanted was for the current situation where the estate is seemingly mired in legal deadlock and there has been no resolution after eight long years.”

Talbot’s trusted lieutenant Dennis Wood, chairman of the former Talbot Group Holdings company, tells Insight: “It’s obvious the family has a lot to be frustrated about. Quite frankly, they have got nowhere. I share the family’s frustrations and I’m extremely annoyed about what’s going on. It’s mind-boggling.

“If this goes another two years, it will be 10 years of their lives gone. It’s not allowing them to plan for what’s going to happen next.

“You look for closure and to control your own destiny going forward.”

Wood says he probably spent more time with Talbot than anyone except his family and knows how important his philanthropic involvement was: “Ken had a dream of setting up this foundation.”

Boyd declined to comment or answer questions, saying “It’s a private matter and I’m not prepared to discuss it.”

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