Mining magnate Nathan Tinkler has settled two tax debt cases but his company Mulsanne Resources still faces liquidation and millions are also owed to a commodity trader and hedge fund.
The good news for Tinkler is that the Supreme Court has dismissed two tax debt cases against his sports interests, including the Newcastle Knights.
The court said the cases had been dismissed “on the basis an accommodation has been reached” between the Australian Tax Office and Tinkler's Knights and Hunter Sports Group.
Several large debts still remain however, including around $700m owed to the Singapore arm of hedge fund Farallon Capital, as well as a further $5m to Singapore commodities trader Noble Group.
In two weeks the coal baron's finances will also be examined in the NSW Supreme Court, as administrators Ferrier Hodgson continue to liquidate his company Mulsanne Resources.
Earlier this year speculation arose Chinese miner Shenhua Group was in talks to purchase Tinkler's main asset, a 19.4 per cent stake in Whitehaven Coal estimated to be worth around $630 million.
The Whitehaven stake has seen volatility in recent months, following a hoax by activist Jonathan Moylan, and Tinkler's unsuccessful bid to privatise the company and remove parts of its senior management.
A train derailment late last year also caused headaches for Whitehaven, with the company making changes to its operations to accommodate for the accident.
Image: Sondakika
