Major court victory for Palmer

MINING tycoon and politician Clive Palmer has claimed a "major victory" after a $12 million court case against him was dismissed.

CITIC accused Mr Palmer and his company Mineralogy of siphoning money from an administrative fund shared with the Chinese company's Sino Iron and Korean Steel.

Lawyers argued the money from the joint iron ore project was a trust to be used for the development and maintenance of port facilities to be built near Cape Preston in Western Australia.

Mr Palmer drew a $10 million cheque for his company Cosmo Developments in August 2013.

Then in September he drew a $2 million cheque for the company that ran his Palmer United Party's 2013 election campaign, Media Circus.

Justice David Jackson ruled the account, called Port Palmer Operations, was not a legal trust.

Shortly before the January 2015 hearing Mineralogy paid Sino Iron and Korean Steel $12,167,000 on account of the challenged payment.

Justice Jackson said, in his judgment handed down on Monday, it was "curious" that neither side told the court about the payment, but it was revealed in court material filed.

Both sides have claimed political motives were involved in the case.

Mr Palmer said all Australians should be grateful to live in a democracy with independent courts. - APN NEWSDESK

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