Clive Palmer's businesses facing cashflow crisis

Clive Palmer might be selling a jet or two...
Clive Palmer might be selling a jet or two... Rae Wilson

SUNSHINE Coast MP Clive Palmer's businesses are facing a "drop-dead date" within days unless he is able to secure a cash injection from the Chinese, a court has heard.

The Australian reported that  Mr Palmer has launched a "critical" grab for cash from his estranged Chinese business partner Citic, with his senior legal counsel Simon Couper QC asking the WA Supreme Court to hold a trial next week.

According to the report, Mr Palmer has put his Cessna Citation private jet up for sale and has raided the coffers of resources company Gladstone Pacific and the body corporate at his Coolum resort. 

He also recently held talks with the Queensland government over the prospect of emergency funding assistance to Mr Palmer's Queensland Nickel ­refinery, the paper said.

The court been told that Citic is continuing to mine and export iron out of the Sino Iron project without paying royalties to Mineralogy.

Queensland Nickel has been hit by a slump in nickel prices to their lowest level in a decade.

Mr Palmer's resort has been closed for months with local residents today dismissing his claims that it was being refurbished.

Visitor numbers at the resort plummeted after Mr Palmer took it over from the Hyatt, forcing him to lay off hundreds of staff.

There were reports on the ABC that even the golf course was temporarily closed with only the tennis centre remaining operational.

It comes as Mr Palmer is involved with an ongoing stoush with villa owners who have told the Sunshine Coast Daily of power and water being cut.

At a meeting this week, Mr Palmer's company Cour de Lion pushed to remove the current directors of The President's Club and appoint Mr Palmer, his wife Anna and the resort's general manager Simon Stodart as directors.

The resolutions also called for The President's Club to pay sums of $1.2 million to Palmer Coolum Resort for maintenance as well as $800,000 to Palmer Leisure Coolum and Cour de Lion Investments for costs of court incurred in a Federal Court appeal.

Those 14 resolutions, all signed by Mr Palmer, were ruled out of order.

Two of the owners called police later that night after the driveway to their villas was blocked by security guards when they tried to return from dinner about 9pm.

Topics:  business chinese clive palmer editors picks mining palmer coolum resort

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