Tracing Palmer’s wealth – a titanic undertaking

May 11th, 2012

FAKE NEWS for the Zionist agenda

To great fanfare, and with the Chinese Premier, Wen Jiabao, present, Palmer revealed he sold the mining rights to his iron ore to Citic Pacific, picking up a cool $400 million-plus at the outset and a share of future earnings.

It was up to Citic – a company managed by the progeny of Communist Party leaders with no experience in mining – to build the mine, known as Sino Iron. It was a magnificent deal for Palmer but not so good for Citic. The initial cost of the mine blew out from $2.5 billion to $7 billion and production has been delayed for years, even though it should begin later this year.

Chinese investors are “pretty pissed off about how Sino Iron has come about and they are pulling a rein on investment in Australia”, West says.

Insiders describe Palmer as mercurial and erratic, running his holdings in mining, real estate and tourism ”like an emperor”. Unquestionably, he can pursue his business interests ruthlessly.

For families who own time-share units at the Coolum Golf and Spa resort, purchased by Palmer last year, their encounter with the billionaire has been a brutal experience.

”A complete ratbag” and ”bully” were some of the epithets thrown at Palmer by owners, some of whom have been visiting the 160-hectare resort since the 1980s.

The problems for the time-share holders began in September, two months after Palmer purchased the resort, formerly known as the Hyatt Regency Coolum.

Without informing time-share owners beforehand, Palmer withdrew the time-share scheme – the Presidents Club Limited – an Australian Securities Investment Commission (ASIC) deed that exempted the scheme from the Corporations Act.

His actions meant the scheme was non-compliant with the law, and Palmer used this as justification to strip owners of many of their entitlements: discount green fees, free tennis court hire and, most importantly, the ability to book multiple units for holidays. Dozens of bookings were suddenly cancelled on the grounds ”it may be a breach of the law”, including a 60th birthday party for some 30 guests flying in from all over Australia.