IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Australian police have launched a probe into alleged misuse of A$12 million ($10.5 million) provided by Chinese miner Citic to mining magnate Clive Palmer, The Australian reported Monday.
According to Citic, Palmer spent $10 million of its money on his 2013 election campaign, with a further $2.167 million being funnelled to other areas.
Palmer, who recently made international headlines for both his plan to build a replica of the Titanic and a live-TV attack to China, was elected last year after creating the Palmer United Party.
The scale of the fraud alleged against the tycoon-turned-politician is tipped to almost double to about A$23 million, which is the total amount of cash granted by Citic to fund operations of an iron ore port in Western Australia.
Palmer has denied the allegations, arguing the case was brought to embarrass him, amid a two-year-old legal fight between the two sides.
Adding to Palmer’s woes, his party lost this weekend its high profile MP, Jacqui Lambie, a former soldier who decided to quit after a series of bitter disputes with her leader. The two outspoken figures, reports The Sydney Morning Herald, have become known for their tendency to make outlandish proclamations, though it soon became apparent that the party – sometimes called “the Palmer Disunited Party” – was not big enough for both.
2 Comments
LAMB
Why is it that those who are “rich” are so GREEDY, never satisfied with what they have already, needing to have MORE?
Mark
This is not news – why is it being run again? I would expect that when this issue is finally and fully determined Mr. C Palmer is either proved guilty and dealt with as the law requires OR there is a general media apology if innocence is found.
As a mining publication – stick with what you know, and avoid politically promoted general news items.