Australian mining mogul, Nathan Tinkler, has reached a settlement with coal mining company, Blackwood Corp Ltd. The settlement was over an unsuccessful share placement deal. The settlement was reached to further avoid more financial spending for a court battle.
Blackwood stated Tuesday that the US$27 million claim would be dropped provided Tinkler's Mulsanne Resources agreed to a US$12 million settlement deal. The case Blackwood filed against Tinkler was also the highest profile among other lawsuits filed against the mining mogul for delayed payments and deal failures.
Nathan Tinkler has emerged to be the youngest billionaire in Australia, but has fallen to become a faltering debtor just after a few months. Liquidators were appointed by the New South Wales Supreme Court after Muslanne failed to comply with its agreement with Blackwood. Last year, the said agreement included buying one-third stake with Blackwood for US$27.2 million.
The lawsuit was filed last May against Tinkler and his fellow directors. Blackwood seeks to have all of Tinkler's assets frozen, including the trust controlled by his wife, until the end of the case.
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