BREAKING: Mining magnate Clive Palmer is escalating his legal battle with the Australian government by taking his claims to Switzerland, following a defeat at the hands of the Permanent Court of Arbitration. Palmer owes the Commonwealth over $13 million after the tribunal ruled it had no jurisdiction in his claim regarding a lucrative iron ore mine in the Pilbara region.
This latest move comes just days after the tribunal confirmed that Palmer, an Australian national, was not considered a “foreign investor” under the nation’s free trade and investment agreements. In a statement released on Sunday, Palmer declared, “The Federal Supreme Court of Switzerland would be the next step in the journey to achieve justice in the matter, hopeful of the final arbiter taking an opposite view to that of the tribunal.”
Palmer’s long-standing dispute revolves around his Singaporean investment company’s claims for damages amounting to nearly $200 billion USD (approximately $305 billion AUD) after a mining proposal was blocked in 2012. The case, which alleges breaches of the ASEAN-Australia-New Zealand Free Trade Agreement, has seen the Australian government spend over $13 million defending its position.
Attorney-General Michelle Rowland expressed disappointment at the tribunal’s ruling, stating, “Australia should never have had to spend two years and over $13 million defending an investor-state claim brought by an Australian national.” She had hoped that the tribunal’s decision would lead Palmer to withdraw his remaining international claims against Australia.
However, Palmer’s plans for continued legal action have thwarted those hopes. The Western Australian government has faced scrutiny over legislation that prevents damages claims, introduced in 2020. WA Attorney-General Tony Buti emphasized the potential impact of Palmer’s initial claim for almost $30 billion AUD, which could have bankrupted the state if successful.
Buti remarked, “I trust this decision will finally close the book on this long-running saga.” Yet, Palmer has dismissed the legislation as “akin to the actions of a banana republic,” indicating his determination to pursue his claims further.
As this situation unfolds, it raises significant questions about the implications for investment and legal frameworks between Australia and international stakeholders. The Australian government has committed to taking all necessary steps to defend against Palmer’s claims.
What’s next? Palmer’s next legal moves in Switzerland could reshape the landscape of international investment claims and set precedents for future disputes. The eyes of the international legal community are now on this developing story, as it could redefine the balance of power in investor-state relationships.
Stay tuned for more updates on this urgent legal battle that continues to garner attention both nationally and globally.
