Bogsnorkler said:

Evan Burton

Australian mining billionaire Clive Palmer has lost his bid in Switzerland’s Federal Supreme Court to overturn the decision of an international tribunal which dismissed his claim for more than $300bn in compensation from the Australian government.

Attorney-General Michelle Rowland welcomed the Swiss court’s dismissal of Mr Palmer’s appeal and its decision to award Australia costs in defending the challenge.

“The Albanese government has vigorously defended this claim from the outset. The Swiss Federal Supreme Court has confirmed that Mr Palmer is not a ‘foreign investor’ and is not entitled to any protections under Australia’s free-trade and investment agreements,” Ms Rowland said.

“Australia had to spend more than three years and $13m defending a legal claim that tried to put everyday Australians on the hook for $300bn.”

The legal battle, which has spanned more than a decade stemmed, from the West Australian government’s decision to block his Balmoral South iron ore project in the Pilbara. WA in 2020 passed legislation impeding Mr Palmer’s ability to sue the government for damages, which was then challenged by the mining magnate in the High Court, without success.

Mr Palmer, through his Singaporean company Zeph Investments, then brought a claim before the Permanent Court of Arbitration, arguing the commonwealth had breached the ASEAN-Australia-New Zealand free-trade agreement, but the court dismissed those claims, ruling Mr Palmer was not a foreign investor and ordering him to pay costs in the order of $13m.

Good.