- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
[h=2]Singapore’s resident cum billionaire facing number of legal actions[/h]
November 22nd, 2012 |
Author: Editorial
Nathan Tinkler
Singapore’s resident cum Australian youngest billionaire Nathan Tinkler, 36, is facing a number of legal actions against his various private companies.
One of these, Mulsanne Resources, is in liquidation on 20 Nov after failing to come up with A$28.4 million owed to listed company Blackwood Corporation.
The Australian Supreme Court appointed Ferrier Hodgson as liquidator, after settlement negotiations which had been going on for the past fortnight, failed.
Mulsanne, a shelf company of which Mr Tinkler is a director, earlier this year agreed to take up 95 million shares in a placement at 30 cents a share – then a 50 per cent premium to the prevailing share price – to fund Blackwood’s exploration campaign. The share placement would have meant an about 34 per cent stake in Blackwood for Mr Tinkler.
But Mulsanne did not come up with the money it owed Blackwood. If the liquidator finds it does not have enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.
Mr Tinkler has been facing a series of legal actions against his companies but has managed to settle each time at the last minute, and avoid liquidation, except for Mulsanne.
Head trainer of Patinack Farm, another of Tinkler’s company recently told the Australian media that the stable had experienced cash-flow problems. ”I’ve gone weeks without vets, farriers, bedding and ran out of feed a number of times,” he said.
Analysts have estimated that Mr Tinkler’s total maximum liabilities may be as high as A$638 million although Mr Tinkler’s spokesman has consistently said the true figure was “a mere fraction” of that amount, while declining to nominate a figure.
Australian media have also reported that Mr Tinkler is living a high life in Singapore (‘Former Australian mining magnate Nathan Tinkler living it up with the rich in Singapore‘). The Herald Sun established that before moving into the property, Mr Tinkler considered splurging $78,000 a month on a new bungalow on Cove Drive in rich man’s haven Sentosa Cove.
It was reported this year that Tinkler has moved his family and primary residence to Singapore. He was an electrician in a coal mine before starting his own business. His big break came in 2006 when he borrowed $500,000 to buy a mine in Queensland state. He sold his company to Macarthur Coal for $465 million in cash and shares a year later.
It was said that his move to Singapore will “bring him closer to his customers, financiers and investors in Asia”.
Singapore doesn’t tax on capital gains from asset sales and its top income tax rate is only 20%. In contrast, capital gains are taxed as part of income in Australia and the top income tax rate there is 45%.
When Tinkler was contacted by a journalist for a story in 2010, he is reported to have responded, “You’re a f**king deadbeat, people like me don’t bother with f**king you. You climb out of your bed every morning for your pathetic hundred grand a year, good luck.”
His first love is said to be horse racing. It was reported that he had spent close to $200 million for horse farms, training centres and horses of the bluest blood.
It was reported that in one of the disputes involving horse racing, one of the horse owners, a respected Melbourne businessman in his 60s, asked to speak to Tinkler in private. Tinkler refused, instead shouting at the businessman to ”f**k off”. When the man asked again, Tinkler hurled abuse before hurrying from the scene in public.
In any case, Singapore Govt seems to welcome this sort of “rich talents” into Singapore.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
.
Singapore’s resident cum Australian youngest billionaire Nathan Tinkler, 36, is facing a number of legal actions against his various private companies.
One of these, Mulsanne Resources, is in liquidation on 20 Nov after failing to come up with A$28.4 million owed to listed company Blackwood Corporation.
The Australian Supreme Court appointed Ferrier Hodgson as liquidator, after settlement negotiations which had been going on for the past fortnight, failed.
Mulsanne, a shelf company of which Mr Tinkler is a director, earlier this year agreed to take up 95 million shares in a placement at 30 cents a share – then a 50 per cent premium to the prevailing share price – to fund Blackwood’s exploration campaign. The share placement would have meant an about 34 per cent stake in Blackwood for Mr Tinkler.
But Mulsanne did not come up with the money it owed Blackwood. If the liquidator finds it does not have enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.
Mr Tinkler has been facing a series of legal actions against his companies but has managed to settle each time at the last minute, and avoid liquidation, except for Mulsanne.
Head trainer of Patinack Farm, another of Tinkler’s company recently told the Australian media that the stable had experienced cash-flow problems. ”I’ve gone weeks without vets, farriers, bedding and ran out of feed a number of times,” he said.
Analysts have estimated that Mr Tinkler’s total maximum liabilities may be as high as A$638 million although Mr Tinkler’s spokesman has consistently said the true figure was “a mere fraction” of that amount, while declining to nominate a figure.
Australian media have also reported that Mr Tinkler is living a high life in Singapore (‘Former Australian mining magnate Nathan Tinkler living it up with the rich in Singapore‘). The Herald Sun established that before moving into the property, Mr Tinkler considered splurging $78,000 a month on a new bungalow on Cove Drive in rich man’s haven Sentosa Cove.
It was reported this year that Tinkler has moved his family and primary residence to Singapore. He was an electrician in a coal mine before starting his own business. His big break came in 2006 when he borrowed $500,000 to buy a mine in Queensland state. He sold his company to Macarthur Coal for $465 million in cash and shares a year later.
It was said that his move to Singapore will “bring him closer to his customers, financiers and investors in Asia”.
Singapore doesn’t tax on capital gains from asset sales and its top income tax rate is only 20%. In contrast, capital gains are taxed as part of income in Australia and the top income tax rate there is 45%.
When Tinkler was contacted by a journalist for a story in 2010, he is reported to have responded, “You’re a f**king deadbeat, people like me don’t bother with f**king you. You climb out of your bed every morning for your pathetic hundred grand a year, good luck.”
His first love is said to be horse racing. It was reported that he had spent close to $200 million for horse farms, training centres and horses of the bluest blood.
It was reported that in one of the disputes involving horse racing, one of the horse owners, a respected Melbourne businessman in his 60s, asked to speak to Tinkler in private. Tinkler refused, instead shouting at the businessman to ”f**k off”. When the man asked again, Tinkler hurled abuse before hurrying from the scene in public.
In any case, Singapore Govt seems to welcome this sort of “rich talents” into Singapore.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
.
