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Clive Palmer reaches A$100M settlement with Queensland Nickel liquidators

Australian mining magnate Clive Palmer settled about A$100 million in claims from special-purpose liquidators over the collapse of Queensland Nickel Pty. Ltd. in 2016, The Australian Financial Review reported Aug. 5.

The debt-laden business was placed in voluntary administration in January 2016. The Australian government went on to sue Palmer for an alleged breach of corporation laws in an attempt to recover more than A$200 million in damages.

According to the report, the settlement includes A$66 million in public funds used as compensation for fired workers and the lifting of freeze orders on Palmer's assets.

Palmer is still being pursued by general-purpose liquidators for about A$100 million in debt, which he disputes.

"We've always said we would pay out the creditors. The liquidators wanted an extra A$200 million to A$300 million so they could just have that money," Palmer was quoted as saying. He does not believe that the general-purpose liquidators will succeed with the remaining claims.