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  • August 30, 2014
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  1. Business - Comment - LAI SEE

    Clive Palmer in expletive-laden rant at Citic Pacific executive

    Posted Jul 10th 2013, 12:00am by Howard Winn

    ... as an "angry expletive-laden tirade of abuse," by Palmer directed against Citic Pacific executives, together with an audio tape on its website. The voicemail, the newspaper says, was left with a Citic executive in 2010. Citic Pacific, the state-owned mainland company, has bought the rights to mine iron ore on Palmer's site in Western Australia in return for royalty payments. ...

  2. Business - Companies

    Citic Pacific's history of dicey deals and dodgy disclosure

    Posted May 13th 2013, 12:00am by Eric Ng

    ... Eric Ng A history of dicey deals and disclosure It's not just difficulties with a mammoth mining project in Australia that have left Citic Pacific's risk management capability ... downside risks without proper oversight by its board. In March 2009, Hong Kong police began a criminal investigation, accusing Citic Pacific of defrauding three banks by failing to notify them ...

  3. Business - Comment - LAI SEE

    Magnetic attraction: Citic Pacific and Clive Palmer

    Posted Jul 04th 2013, 12:00am by Howard Winn

    ... Howard Winn Clive Palmer's relations with his mainland business partner Hong Kong-listed Citic Pacific continue their downward spiral. Citic Pacific recently denied claims by the mining billionaire that it was paying him A$500 million (HK$3.5 billion) a year. The supposed payments were in respect of royalties in connection with Citic's ill-fated Sino Iron project ...

  4. Business - Companies - MINING

    Citic Pacific chief sidesteps mines start date query

    Posted May 16th 2013, 03:13pm by Eric Ng

    ... Eric Ng eric.ng@scmp.com Citic Pacific chief sidesteps mines start date query The embattled property-to-steel conglomerate Citic Pacific is still working to resolve technical challenges ... of this month as planned, Chang said: "We need a little bit more time." On April 19, Citic Pacific said it expected to see the first shipment in the second half of this month, which ...

  5. Business - Commodities - MINING

    Citic Pacific in legal dispute with tycoon over iron-ore payments

    Posted Nov 21st 2012, 12:00am by Eric Ng

    ... Eric Ng eric.mpng@scmp.com Citic Pacific in legal dispute over iron-ore project Citic Pacific's shares slumped yesterday after it revealed it is in a legal dispute with Australian mining tycoon Clive Palmer over the payment of royalties, adding more uncertainties to its much-delayed and over-budgeted iron-ore project in Australia. Citic Pacific said it filed a court ...

  6. Business - Commodities - COURTS

    Citic Pacific backed by judge on day one of iron ore royalties case

    Posted Apr 24th 2013, 12:00am by Bloomberg, Eric Ng

    ... Eric Ng and Bloomberg in Perth Judge says on day one of hearing in ore dispute he is struck by the 'unreality of proceedings' Citic Pacific ahead in royalties row A judge has ... property-to-steel conglomerate Citic Pacific over Citic's failure to pay royalties. Citic Pacific has already spent A$7.1 billion on infrastructure on the site in Western Australia owned by Palmer, ...

  7. Business - Companies

    Citic Pacific shares drop amid fears over losses at iron ore project

    Posted Mar 02nd 2013, 12:00am by Eric Ng

    ... Eric Ng eric.mpng@scmp.com Share price falls after core profit halves as analysts worry over Australian mine losses Citic Pacific drops amid fears over iron ore project Citic Pacific saw ... their forecast for Citic Pacific's underlying net profit by 34 per cent to HK$2.57 billion for this year, and by 22 per cent to HK$3.5 billion for next year. Jefferies Securities' analysts also ...

  8. Lee calls Citic Pacific his worst investment

    Posted May 15th 2009, 12:00am by Denise Tsang

    ... Pacific's share price. Mr Lee yesterday said Citic Pacific was his 'worst investment at present'. Police are investigating the blue-chip infrastructure firm's wrong-way bets on the Australian dollar which led to the resignations of chairman Larry Yung Chi-kin and managing director Henry Fan Hung-ling. Mr Lee, who did not say how many Citic Pacific shares he bought and at what ...

  9. Citic Pacific reshuffle may help probe by SFC and police, say experts

    Posted Apr 10th 2009, 12:00am by Enoch Yiu

    ... Enoch Yiu Lawyers and legislators believe the resignation of Citic Pacific's top two executives will benefit the continuing investigation by the police and the Securities and Futures ... offices. The police asked Citic Pacific directors to assist investigations into allegations of false statements by directors and/or conspiracy to defraud. The SFC started its investigation ...

  10. Business - Comment - LAI SEE

    Sino Iron fiasco has Clive Palmer changing his attitude to China

    Posted Aug 23rd 2014, 01:03am by Howard Winn

    ... with the dignity they deserve". However, his view has evidently soured. This is almost entirely to do with Hong Kong-listed Citic Pacific's Sino Iron project in Western Australia. In 2006, Palmer sold Citic the right to mine magnetite iron ore in the Pilbara region in exchange for royalty payments. Citic agreed to build the infrastructure, but the "deal of the century", ...




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