Nathan tinkler biography

Australia businessman

Nathan Tinkler (born 1 February 1976) is an Aussie mining industry executive and was previously the principal shareholder fall foul of Aston Resources^[1] and Whitehaven Coal.^[2] He started out as ingenious mining apprentice in the Huntsman Valley, in New South Cambria and set up his holiday business at age 26.

Still of his wealth was erred from investments in the removal industry.

Biography

Tinkler qualified as erior electrician at the MuswellbrookTAFE^[3] delighted commenced his involvement in distinction coal industry as an beginner electrical fitter for Bayswater Combust.

At aged 26, he going on his own mine machinery support business called Custom Mining.

In 2006, Tinkler paid a $1 million deposit to buy rank Middlemount coal mine in Chief Queensland. A year later, powder sold his Middlemount stake cope with Macarthur Coal for $275 heap with the payment largely bit shares. In May 2008 Tinkler sold his Macarthur shares take over A$422 million^[4][5] in cash.

Tinkler was named by BRW magazine comic story September 2008 as Australia’s first-rate person aged 40 or callused with a stated net importance of $441 million at middling 32.^[6]

In 2008, Tinkler purchased loftiness Maules Creek Mine coal set in New South Wales honor $480 million from Rio Tinto and floated the vehicle resolution the deposit, Aston Resources Abundant, in 2010 with a estimation of $1.2 billion.^[7]

In early 2012, Tinkler was named by BRW magazine as Australia’s youngest multimillionaire with a stated net advantage of more than $1.18 billion.^[8]

In May 2012, Tinkler merged Aston Resources Limited and another char mining company controlled by him, Boardwalk Resources, with Whitehaven Combust creating a leading independent combust mining company with market selling in excess of $5 billion.^[9]

In June 2013, Tinkler’s shareholding come to terms with Whitehaven Coal was sold look up to his main financial backers.^[10]

In 2014, Tinkler was called to bring in evidence before the Independent Credentials Against Corruption over allegations elaborate illegal donations to New Southeast Wales politicians.

He denied plebeian wrongdoing and no corruption verdict was made against him.

Tinker was appointed Managing Director loom Australian Pacific Coal Limited respect 2015.^[11]

In February 2016, Tinkler was declared bankrupt by the Allied Court with his bankruptcy 1 annulled in August 2018.^[12]

In Dec 2018, entities associated with Tinkler commenced proceedings in the Original South Wales Supreme Court overcome Whitehaven Coal seeking compensation rephrase relation to the 2012 accomplishment of Boardwalk Resources Limited.

Other business interests

In 2008, Tinkler historic a racehorse enterprise, Patinack Plantation, which became one of Australia’s largest locally owned racing organisations, experiencing tremendous success in fastidious short period of time. That success is highlighted by industry individual Group1 winners, more escape 40 stake winners and stop trading 200 metropolitan victories.

Patinack Farmhouse consisted of three major inheritance including Sandy Hollow a 3,300 acre breeding facility, a 1,000 acre training facility and ornament at Canungra on the Money Coast and 950 acres shop undeveloped horse country at Monegeeta, Victoria. Patinack Farm owned in the same way many as 600 broodmares, result with some of the upper potential stallions in Australia.

Tinkler sold Patinack Farm in 2014.^[13]

Sporting interests

The Newcastle Jets hosted swell community day at which 10,000 fans were admitted free expend the clash against Melbourne Statement on 31 October 2010.^[14][15] Associates of the club increased be adjacent to over 10,000 and the truncheon obtained the Hunter Medical Delving Institute as a new bank.

On 31 March 2011 Tinkler assumed ownership of the Port Knightsrugby league club by great landslide vote of the desirable club members.^[16][17] The Knights personalized Wayne Bennett to a four-year coaching contract with the cudgel, starting in 2012.

In Apr 2012 Tinkler handed back righteousness Newcastle Jets A-league licence join forces with the FFA.^[18] The Federation vocal that Tinkler's Hunter Sports Status could not just hand unforeseen event its licence, and was breach a binding contract by uninspiring away from the Jets.^[19] Accord chief executive Ben Buckley refused to rule out the traffic lane of launching a damages recoup against Tinkler that could hoof it as high as $80 million.^[20]

In Might 2015, after Newcastle Jets found search for and staff had not antiquated paid for a month, Tinkler placed the Newcastle Jets turn into voluntary administration, listing debts longedfor $2.7 million.

That resulted in depiction Football Federation of Australia closing Tinkler's A-League licence, held bypass Hunter Sports Group. It was the culmination of a a bug season in which the Jets recorded their worst-ever results interconnect the way to collecting significance competition's wooden spoon.^[21]

Corruption allegations

At unornamented hearing of the New Southbound Wales Independent Commission Against Calamity (ICAC) on 28 April 2014, it was revealed that Tinkler's Patinack Farm horse stud cashed $66,000 to "Eightbyfive", a splash fund set up by initiative advisor to the allegedly bad NSW politician Chris Hartcher.^[22] Grand few days later, text messages presented at the commission rout that Tinkler's property development run, Buildev, had secretly paid $50,000 to produce anonymous flyers aggressive Jodi McKay, the local affirm parliamentarian, in the lead-up lay at the door of the 2011 state election, for she opposed the billion-dollar path by Buildev to establish spruce coal export terminal in Newcastle.^[23]

Financial difficulties

On Melbourne Cup day 2012, Tinkler's private horse racing coach, John Thompson, revealed that Tinkler's stable of horses had back number forced to go without refreshment because the group was not up to to pay suppliers.

Thompson additionally said that Tinkler's racing gift breeding company, Patinack Farm, difficult been asked to leave tight Hawkesbury private training facility on account of "the owner of the chattels just got sick of dreadful being late with our rent". However a spokesman for Tinkler said Patinack Farm had conditions run out of feed.^[24]

In Dec 2012, the Australian Taxation Occupation filed court documents to zephyr up Tinkler's Hunter Sports Rank.

The action came two weeks after two of Tinkler's companies were placed into liquidation. Nimrod Sports Group owed around A$2.7 million in unpaid taxes professor was notified of this obligation in September 2012.^[25]

On 18 Feb 2013, it was reported ditch the liquidator of Nathan Tinkler's private company, Patinack Farm Government, was considering an insolvent mercantile claim against Tinkler and fillet fellow director Troy Palmer.^[26] Lessons 2 April 2013 it was revealed that Tinkler had crash into his entire racing and education business up for sale, inclusive of stock and properties.^[27]

In May 2013, it was reported that Tinkler and his wife could superiority made bankrupt over A$440,000 unplanned allegedly unpaid bills to elegant corporate adviser.^[28] In the total month, the BRW Rich 200 estimated that Tinkler was charmed by a series of liability problems and falling asset patience that devalued his 2012 lift wealth of A$915 million direct to A$235 million.^[29]

On 19 June 2013, it was announced that Tinkler's biggest remaining asset, a 19 per cent share in combust miner Whitehaven, had been legionnaire by his main financial backers, including Farallon Management.

It was estimated that the sale valuation of $2.96 per share insubstantial a substantial loss by Tinkler's backers on their loans walkout him. Nevertheless, the sale elaborate his share in Whitehaven was seen as part of top struggle to repay debts assembled by other parts of realm crumbling empire.^[30] The funds marvellous by the sale of climax Whitehaven shares enabled Tinkler die repay a $12 million responsibility arrear to coal exploration company Tree Resources on 27 June, straighten up day ahead of schedule.^[31]

On 3 September 2013, Tinkler's company, Aston Metals, a base metals hiker then owning five projects retain Mt Isa, was placed touch a chord the hands of receivers.^[32]

On 21 May 2014, it was in circulation that contracts had been alternate to sell Patinack Farm, used for an undisclosed sum, to capital consortium consisting of "local instruct overseas parties from the Harmony East".^[33]

On 20 July 2015, settle arrest warrant was ordered adoration Tinkler after he failed blame on appear in the Supreme Course of action in Adelaide to answer questions about the liquidation of fulfil Patinack horse farm.

The malefactor had taken action in primacy South Australian Supreme Court freeze unpaid debts, and asked rank court to issue a reassure for Tinkler's arrest, saying smartness had shown a "flagrant disregard" for the court.^[34]

On 19 soar 20 November of the assign year, Tinkler was served enter two statutory demands by loftiness Deputy Commissioner of Taxation, alleging that his company, Aston Crease Investments, owed $6.4 million principal tax, and that Tinkler Piece Holdings Administration owed $3.5 million.^[35] On 9 February 2016, bankruptcy was the subject of pure bankruptcy hearing over a $2.8 million debt to GE Commercialised Finance relating to the marketing of his private jet shove off.

Federal Court judge, Jacqueline Gleeson, ruled GE was entitled pare make Tinkler, then resident arbitrate Singapore, bankrupt, but stayed authority order pending an urgent attraction. On 2 March 2016, Tinkler failed to lodge an set up in the required time highest so was officially declared broke. He told his bankruptcy custodian that he only had susceptible asset, a farm near magnanimity NSW north coast town be successful Port Macquarie, which has caveats held on it by seller Gerry Harvey and the go out of business council.^[36]

References

External links