Funding firm backs hunt for Clive Palmer’s millions

One of the world’s largest litigation funding firms will finance a pursuit of Clive Palmer for more than $180m.

Clive Palmer. Picture: AAP.

One of the world’s largest litig­ation funding firms will finance a pursuit of Clive Palmer for more than $180 million cash shifted from the stricken Queensland Nickel into his Coolum golf ­resort and corporate flagship Mineralogy.

In documents lodged with the Australian Securities & Investments Commission, Queensland Nickel’s general-purpose liquidators FTI Consulting have confirmed a deal with global litig­ation funder Vannin Capital.

Mr Palmer’s Queensland Nickel collapsed into liquidation in April, costing 800 workers their jobs and leaving $300m in debts. Nearly $70m is owed to the federal government, which footed the bill for the workers’ ­redundancy entitlements. That money will be chased by ­publicly-funded special-purpose liquidators PPB Advisory.

But FTI Consulting has now also secured funding to chase Mr Palmer’s corporate interests on creditors’ behalf. Minutes filed with ASIC reveal that all creditors, except the federal government, voted for the deal with Vannin Capital.

“The funding is also to secure prosecution of the larger claims in relation to director related transactions and loan forgiveness (from Queensland Nickel) to companies such as Mineral­ogy Pty Ltd and Palmer Leisure Coolum Pty Ltd,” the minutes read.

The Vannin deal will last for at least three months, but the ­extent of funding it will supply is confidential.

Litigation funders generally require a share of any court awards.

This will be the highest-­profile Australian case backed by Vannin Capital since it opened offices first in Sydney last year, then Melbourne.