"The Australian mining magnate Clive Palmer has been ordered to pay more than $13m after his claim of being a foreign investor was dismissed by an international tribunal after a dispute lasting more than a decade. The intergovernmental permanent court of arbitration rejected Palmer's claim as it had no jurisdiction over the dispute between a national government and one of its citizens, the attorney general, Michelle Rowland, said on Saturday."
"A Singaporean investment company owned by Palmer claimed damages totalling almost $US200bn ($A305bn) after a mining proposal in Western Australia's Pilbara region was blocked. The case against the commonwealth argued breaches of the Asean-Australian-New Zealand free trade agreement. The WA government came under scrutiny for legislation preventing damages being sought in relation to the dispute in 2020, stemming from an initial rejection in 2012."
An international tribunal ruled it lacked jurisdiction over Clive Palmer's claim because he is not a foreign investor and therefore is not entitled to treaty investor protections. The tribunal ordered Palmer to pay approximately $13.6m in costs after a dispute spanning more than a decade. A Singaporean investment company linked to Palmer had sought nearly US$200 billion over a blocked mining proposal in Western Australia's Pilbara, alleging breaches of the Asean-Australian-New Zealand free trade agreement. Western Australian legislation later aimed to prevent damages claims arising from the dispute. The government will continue defending other international claims.
Read at www.theguardian.com
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