Clive Palmer to win case against China's Citic
Australian Federal MP and owner of commodities holding Mineralogy Clive Palmer won a case against Chinese state-owned company Citic Pacific on Monday.
The company had accused Palmer of dishonestly transferring $12m which were supposed to be used for port services to his political Palmer United Party during the 2013 campaign.
Judge David Jackson ruled that the transferred money was “not held in trust” by the company.
"The way in which this case has been conducted does admit of the possibility that the plaintiffs seek not only to obtain the relief claimed in the proceeding but also to embarrass the first defendant at the same time," Jackson added.
It was manufactured, made up, designed to damage my reputation and to mislead the press
"The facts of the claim were for an improper purpose because Citic Limited was refusing to pay for hundreds of millions of dollars of iron ore, illegally occupy an Australian port and failing to pay hundreds of millions of dollars in royalties to Mineralogy," he added.
Citic's spokesman pointed out the company's dismay at the judge's verdict. "Our view remains that the use of this money to bankroll Mr Palmer's political ambitions and other businesses was inappropriate and unauthorised," he said.
This case is one of the several on-going legal disputes between both parties since its 2006 Sino Iron venture was established in 2006, it was five times over budget before iron ore prices collapsed.
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