REPORT: Clive Palmer Needs Cash

Getty / Mario Tama

Is Clive Palmer’s business empire in trouble?

The Australian reports this morning that Palmer, who has ambitions to be prime minister, has written to a Chinese creditor urging the payment of some $200 million he is owed.

Palmer warns that some 1000 jobs are at risk without the payment from CITIC Pacific, which has “close links to China’s political leadership” according to the paper.

In a leaked March letter to CITIC, Palmer writes: “By way of comment, if the loss of employment to over 1000 Australian families results from (CITIC) failing to honour their obligations to Australian companies, it will do irreparable damage to the goodwill between the respective parties and between Australia and China’s relations.”

The report says it shows that Palmer is “desperate for cash” because his key businesses – a nickel refinery in Townsville and the Palmer Coolum Resort – have been racking up losses.

The resort includes a golf course which doubles as a dinosaur park.

Today’s story follows an extensive investigation into Palmer’s affairs by the newspaper’s chief correspondent, Hedley Thomas, which was published by The Oz this weekend. Palmer has accused the paper of “running a beat-up” on him.

The former Gold Coast property developer has formed the Palmer United Party to run for office after a fallout with the Liberal National Party.

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