Billionaire Clive Palmer says his Singapore business could take the Commonwealth to the cleaners over a stalled coal project in Queensland’s Galilee Basin.
Already a subscriber?Clive Palmer says he is on solid legal ground with fresh damages claims totalling about $40 billion against the Commonwealth over his Waratah coal project in Queensland.
The massive legal claims against Australia that have been lodged by Zeph all relate to alleged breaches of the ASEAN-Australia-New Zealand free trade agreement.Mr Palmer is pursuing the claims through investor-state dispute settlement, with a hearing on the iron ore claim scheduled for September in Geneva.
“It’s quite allowed under the treaty for Australians to own offshore companies that are operational, and they still get treaty protection,” he said.Advertisement “The Labor Party says that they won’t stop coal from going ahead. In our case, they have, and they’ve done it illegally,” he said. The Zeph cases, including the iron ore dispute, are noted in the May budget papers, which describe two notices of arbitration around Waratah – one about exploration permits held by Waratah Coal, and a second about the coal mine proposal.“Should the Australian government be unsuccessful in these proceedings, it would be liable for any compensation found to be payable to Zeph. Any such potential liability cannot be quantified at this stage,” it was noted in the budget’s statement of risks.
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