CLIVE Palmers fortune is set to suffer a blow after a judge ordered his flagship company to pay a $US17.6m debt to a Singaporean exploration business.
Mr Palmers company Mineralogy wanted the Supreme Court to declare it did not have to pay BGP Geoexplorer any money over a debt owed to it by another of his businesses, Palmer Petroleum, which is in liquidation.
BGP carried out exploration work for Palmer Petroleum in the Gulf of Papua, but Mr Palmer had complained about the quality of the report.
It was argued by BGP that Mineralogy, as a parent company, was responsible for the debt.
Justice David Jackson handed down his decision today, which followed a two-day trial in August.
Justice Jackson said the allegation of unsatisfactory performance …
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