Clive Palmer awarded $US150m in damages by WA court in Citic case
A court has ordered Citic to pay Clive Palmer almost $US150m in damages, a decision the Chinese firm will likely appeal.
China’s Citic has been ordered to pay Clive Palmer almost $US150m in damages in a major win for the former MP.
Western Australia’s Supreme Court today ruled that Citic owed Mr Palmer and his private company Mineralogy substantial amounts ofdisputed royalties from the huge Sino Iron mine in WA’s Pilbara.
But Citic — which has previously flagged that a loss in the case could jeopardise the future of Sino Iron — is considered almost certain to appeal the decision.
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