10-02-2016, 04:21 PM
Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared bankrupt
SYDNEY (Feb 10): Former Australian coal baron Nathan Tinkler on Wednesday resigned as chief executive of Anglo Pacific Coal Ltd after losing a legal battle over money he owed from the sale of a luxury jet and being declared bankrupt.
Mr Tinkler - who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed - in October was appointed chief executive of Australian Pacific Coal, which has agreed to acquire the majority of a coal mine from Anglo American.
The bankruptcy was declared in Australia's Federal Court on Tuesday and stems from a complaint from GE Commercial Australasia Pty, which claimed he owed US$2.25 million ($3.14 million) on a Dassault Falcon 900C he once owned.
Mr Tinkler, who resides in Singapore, was not immediately available for comment and it was unclear if he would appeal the ruling. Under Australian law, bankrupt individuals are barred from holding corporate directorships.
The bankruptcy order had been stayed for 21 days.
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http://www.theedgemarkets.com/sg/article...d-bankrupt
SYDNEY (Feb 10): Former Australian coal baron Nathan Tinkler on Wednesday resigned as chief executive of Anglo Pacific Coal Ltd after losing a legal battle over money he owed from the sale of a luxury jet and being declared bankrupt.
Mr Tinkler - who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed - in October was appointed chief executive of Australian Pacific Coal, which has agreed to acquire the majority of a coal mine from Anglo American.
The bankruptcy was declared in Australia's Federal Court on Tuesday and stems from a complaint from GE Commercial Australasia Pty, which claimed he owed US$2.25 million ($3.14 million) on a Dassault Falcon 900C he once owned.
Mr Tinkler, who resides in Singapore, was not immediately available for comment and it was unclear if he would appeal the ruling. Under Australian law, bankrupt individuals are barred from holding corporate directorships.
The bankruptcy order had been stayed for 21 days.
...
http://www.theedgemarkets.com/sg/article...d-bankrupt
