China’s Citic Ltd has confirmed a $2.5bn writedown at its disastrous iron ore joint venture with Clive Palmer as commodity prices plunge — forcing the Australian politician and businessman to deny he is going broke.
The sprawling state-owned enterprise and Mr Palmer are embroiled in an increasingly acrimonious dispute over Sino Iron, the ill-fated venture that was already five times over budget before iron ore prices collapsed.
Citic has accused Mr Palmer of misusing A$12m ($9.5m) through his company Mineralogy to finance his election campaign. He denies the allegations and claims that Citic owes him royalties related to Sino Iron.
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