Clive Palmer can’t remember $15m bank transfer; made $8m ‘love’ payment

Clive Palmer made $43m in company transfers, including $8m to his father-in-law for “natural love”, a court heard.

Embattled businessman and former federal MP Clive Palmer has been in Federal Court today. Picture: Jack Tran

Clive Palmer says he can’t remember why he ordered his company Queensland Nickel to pay him $US15m into his personal Hong Kong Bank account in 2012.

During a colourful stint in the Federal Court witness box, Mr Palmer was cross-examined about $43m he directed to be transferred from the bank account of his Queensland Nickel company to various people, including $US8m to his Bulgarian father-in-law, which he suggested was for “natural love”.

Mr Palmer is being questioned by barrister Walter Sofronoff QC, for liquidators FTI Consulting which is trying to claw back about $300m in debts owed to creditors when Qld Nickel collapsed last year.

Mr Sofronoff was asking about the contents of a letter from Mr Palmer to Queensland Nickel chief financial officer Daren Wolfe in November 2012. In it, the mining magnate directs cash transfers totalling $43m, including to himself, his horse stud, and other companies. He also directed large sums to two women, one from China and one from Kurdistan, for “representation fees”.

Mr Sofronoff asked Mr Palmer how he justified directing that $US15m be transferred from QLD Nickel to his Hong Kong bank account.

“It could have been for parties,” Mr Palmer said. “I don’t know. I own the companies 100 per cent…I’m sure it was for a legitimate purpose.”

He said he could not explain the purpose of the payment.

Mr Sofronoff: “I think most of us would remember a payment of $15m four years ago, Mr Palmer?”

Mr Palmer: “It was a smaller amount of money than I was used to dealing with at the time.”

Mr Sofronoff asked if there was any reason he couldn’t remember why he was directing the transfer to himself.

Mr Palmer answered, “It’s four years ago, I can’t remember payments of $15m.”

He also ordered the transfer of $US8m to his Bulgarian father-in-law.

“I would have given that to him in exchange for natural love,” Mr Palmer said.

The hearing continues.