Nathan Tinkler Is Fighting Yet Another Battle

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Embattled mining magnate Nathan Tinkler is fighting on yet another front with his former business partner accusing him of diverting over a million dollars from a royalty fund into the Tinkler family trust.

This follows reports over the weekend that Tinkler may have split with his wife Rebecca.

The Australian Financial Review reveals the Australian Taxation office has seized money from Oceltip, a company linked to Tinkler, after it failed to pay a $129,000 tax bill.

Oceltip was set up to receive royalties from the Middlemount mine. Tinkler’s former business partner Matthew Higgins also has an interest in the company and claims Tinkler diverted $1.12 million into the family trust and failed to repay it in full.

The documents were filed in the Queensland Supreme Court as part of legal action by Higgins against Tinkler. The AFR says Tinkler denies the allegations and will defend them.

The court documents also chart some of the breakdown in the relationship between Tinkler and Higgins. Tinkler rejects a request from Higgins to become a director of Oceltip, saying: “You don’t negotiate by yourself and this was never discussed. The tail doesn’t wag the dog.”

Speculation about Tinkler’s financial affairs has been rife in recent months. He was forced to appear in a Sydney court last month over a failed deal with Blackwood Coal. During the hearings he admitted to having debts totalling around $500 million.

More at the Fin.

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