Queensland Supreme Court freezes $204 million of Clive Palmer’s assets

More than $200m of assets owned by Clive Palmer and his companies will be frozen until the Queensland Nickel case is resolved.

Clive Palmer. Picture: AAP

Queensland’s Supreme Court will freeze more than $500 million of assets belonging to Clive Palmer and his companies, amid a “real risk” that the businessman could take steps to frustrate or inhibit justice.

Justice John Bond today ruled the assets should be frozen until a court case relating to the collapse of Mr Palmer’s Queensland Nickel company was resolved.

The Townsville-based company collapsed last year, costing nearly 800 workers their jobs. Taxpayers had to pay $70m under the Fair Entitlements Guarantee safety net scheme to cover redundancy payments for nickel refinery workers, which Mr Palmer’s company did not pay.

Justice Bond’s complex orders will freeze $204,943,664.39 belonging to Mr Palmer, but will not prohibit the businessman conducting “ordinary and proper” business, including paying for legitimate expenses.

More than $300 million in assets belonging to several Palmer-linked companies will also be frozen, with Justice Bond saying the companies were “effectively assets which he owns and the protection of their wealth is the protection of his wealth”.

The application to freeze the assets was brought by the government-appointed liquidator Stephen Parbery, whom Justice Bond said had brought a “good arguable case” against Mr Palmer.

Justice Bond found some aspects of Mr Palmer’s recent behaviour indicated a “real risk” that he might take steps to inhibit or frustrate the carrying out of potential future court orders.

“The Court determined it was in the interests of justice that the orders be made,” Justice Bond said in a written summary.

Mr Palmer’s lawyers applied to stay the order until it could be appealed, but the application was rejected.