The Chaser Report - Clive Palmer Loses $300 Billion

Episode Date: August 6, 2026

Dom and Charles look at recent legal losses of everybody's favourite Singaporean citizen, Clive Palmer. And BTW: Clive, if you want to come on the podcast, email us.---Listen AD FREE: https://thechaserreport.supercast.com/ Follow us on Instagram: @chaserwarSpam Dom's socials: @dom_knightSend Charles voicemails: @charlesfirthEmail us: [e-mail] CEO’s Super-yacht upgrade Fund: https://chaser.com.au/support/ Send complaints to: [e-mail] Hosted on Acast. See acast.com/privacy for more information.

The Chaser Report is recorded on Gatigal Land. Striving for mediocrity in a world of excellence, this is The Chaser Report. Hello and welcome to The Chaser Report with Dom and Charles. And Charles, not for the first time in this crazy mixed up world of ours, my heart goes out to a very special Australian, a national living treasure, so-called, apparently officially named as one, but someone who wanted to be not Australian for tax purposes And I'm discussing former MP, Mr. Clive Palmer, who I'm sad to say, has lost a court case in Switzerland, Charles, because he wanted to classify himself as a foreign investor so that he could sue Australia for $300 billion. $300 billion.

Yeah. And so where did he lose the court case? Oh, in Switzerland. In Switzerland, right. Oh, of course. Let me reveal more details. And perhaps there's some business ideas that will come out of this. Yeah, this is great.

After we finish up. Okay, so Charles, cast your mind back to 2020. Oh, yes. Oh, that was a horrible thing. It was a lot going on at that time. So Clive Palmer has a company based in Singapore called Zeph Investments, like the start of Zephy. And basically what happened was they had a mining proposal in the Pilbara in W.A.

and it was blocked under emergency legislation. So they decided not to go ahead. And Clive Palmer immediately sued them saying that the government had breached the ASEAN, Australia, New Zealand free trade agreement. I don't even know that there was such a thing, but there was. And Clive Palmer argued that the government had breached that agreement. And look, unfortunately for Mr. Palmer, the Swiss Federal Supreme Court has confirmed he's not a foreign investment. He doesn't get any protections under Australia's free trade and investment. But why was he based, why was Switzerland involved?

Didn't you say it was a Singaporean company? It's a Singaporean. Because apparently when you have a treaty dispute, you go to a thing called the permanent court of arbitration, which is disputed in treaties. And who's the thing? So Clive Palmer argued that the dispute was between a national government and one of its citizens. and so therefore the court couldn't be involved

because Mr Palmer and Australian cannot sue the Australian government as though as a foreign national. I just feel very sorry for him that some of Australian... Yes, we need emergency legislation to say, yeah, Clive Palmer, no longer a citizen of Australia.

I think the whole of Australia could get around that. I mean, I think that's what he wants to happen. Yeah, yes. And I think we should go, that's a great idea. And look, just leave your minds here on the way out. See you. Bye.

The government may have to take over the mines if this would happen. But I mean, this is his argument. He said, and this is Tim talking to Finn Review in 2024, quite a different in the Herald. It's allowed under this treaty. So Australians can own offshore companies. The offshore companies we own get treaty protection. We employ 600 people in Singapore running this company.

And the Singaporean company, you see, was going to run the mine, not Clive Palmer, Australian citizens. See, what Clive Palmer's done is he's mistaken a legal fiction for a real-world fact. Like, you know, of course you can sort of go, that you can say that your company's based in Narnia, if you want. It doesn't mean that it is. Like, you can say, oh, yeah, I'm a, you know what I mean? Like, it's just, it's a legal fiction.

I mean, Charles, but if Clive Palmer gets up with this argument, can we base the choice the report in America so that it's got First Amendment, First Amendment protection. Yes, we would, definitely. Or perhaps we could base it in a place with no extradition rules for Australia so that there's no way we could possibly be sued, even though we live in Australia. Yeah, like, I think Nauru, maybe. Nauru, I was thinking maybe Cuba or North Korea? Yes.

Could the Chase the Report be based, I mean, you've been to work those places? I reckon, we'd be the number one podcast in North Korea, I reckon. Of one. Of one. Yeah. Of one. So, but can we, just before we get on to business, I agree this is a good line of thinking. But I do think that the reason why Clyde Palmer lost that case was because he didn't put up

enough billboards around Switzerland. Yes. Same. That's always such a winning strategy. Who didn't mail every Swiss citizen a CD or TVD, I should say? Text them. Yeah. Yeah.

See what I'm saying. Anyway, sorry, let's get back to business ideas. Well, Clive Palmer, just on this, apparently it costs Australia $13 million to defend this claim. I just love the idea that an Australian mine based in Australia could be an offshore operation. But that is, I mean, that is, I mean, to then go to a court and go, yeah, look, I know the mine is in Australia, but like, it's not a. It's not based in Australia. But it's Singaporean. It's a Singaporean.

Yeah, yeah. Look at it's, it likes luxa. It's an interesting idea. Look, I got a piece of paper from Singapore. It's a Singaporean. But also, the amount of $300 billion is also, if it's worth $300 billion, I mean, crazy idea. Could the government not perhaps develop the mine and make the $300 billion profits, no? This is why I reckon there's an angle here in taking billionaires at their words.

And look, I know that that sounds like crazy thinking, right? But just hear me out, Dom. Because to get loans and things of that, what billionaires do is they, you know, talk about the real value of their assets or even possibly inflate the value of their assets, right? So they'll talk up how much they're worth to banks, right? And then on the other hand, when it comes tax time, they're as broke as all buggery. They have just have not seen a dime all year.

They're just like, they're Skid Row, basically. And I reckon there's, there's just, there's a slither of idea in just having the idea that if you claim to one entity that you're worth this much, that that then has to stick when you're talking to the tax office. I think that that would change the world. What's his, I'd love to know what his income is for tax. purposes. Oh, nothing.

I assume nothing. Yeah, I assume it gets paid less than me. Yeah, definitely. Yeah, absolutely. I'm maybe in Singapore. Singapore's a tax-friendly jurisdiction. Yeah, well, in Singapore, I'm sure he earns a lot of money because don't you, if you set up in Singapore, you get tax-free for the first 10 years.

Well, as a Singaporean, as someone with deep roots in Singapore, he's deeply connected to the connection, absolutely. I feel like, but isn't the problem with setting up in Singapore, say the chaser set up in Singapore, wouldn't we be able to not criticise the government? Isn't the one thing that, like literally our business model is not suited to setting up in a, you know, tax. But would they mind if we criticise this, would they mind if we criticise the Australian government though? I can't, if we leave the Singaporean government alone. No, but I think, I think the whole problem is that things bleed into each other. I mean, we need to be consistent.

Oh, it's hard to be consistent. But also, like, you know, some things are implied criticisms of Singapore. Like, oh, my God, the government shouldn't have let Optus be run by some fucking shithouse fund. Oh, who's that? Oh, it's the Singaporean government. Isn't Optus shit? Like, you can say that. I don't think you're allowed to say that in Singapore.

That's a deal breaker. I don't think of it. I can't criticize Oster's. Yeah, it's like breathing for me. I'll just cop the tax. I need to be able to say that. I'm happy to be found guilty of defamation in Singapore and bankrupt, which is what they do, allegedly.

And also the food on Singapore Airlines, you wouldn't be able to criticize that? Oh, you couldn't say, I think. Oh, that's quite good. Yeah. Although, he always is it quite good. Oh, good, okay. I mean, as far as warm places where I can't criticize the government go,

is one of my favorites. I'm going to say, you know, I haven't been to Dubai, but I suspect I like Singapore more. The Chaser Report. Now with Extra Whispers. So, yeah, I would love to sit down. If Clive Palmer wants to come on the podcast, I would really like to know how he got to the $300 billion figure.

Have we had any Singaporean guests on our podcast before? Yes. It's a real shame. But just for diversity's sake, let's get Clive Palmer on. Get someone, get an Asian on. I think it's a very good idea. Yeah. I'll get someone from Asia.

Yeah, that would be really... Yeah. We could expand to the region. Yeah. Yeah. The final bit of this, Charles, which is worth noting, is that he said, when people said, you know, Mr. Palmer, $300 billion, it's quite a lot of money. And he said, look, I'll spend it better than the...

I'll spend it better than the Australian government would. That's this big life. Right. Oh, so that's the... He could spend that money better. So you better off with him. Yeah, you know what it would be. $300 billion worth of billboards.

It'd be a very good, very good series of... I mean, you'd... I feel like we should get a billboard, wouldn't they? I feel like we should get into the billboard industry before this decision comes down. No. Oh, by the way, just on another topic back in December, no, I think late up in November actually, Clive Palmer lost a case in the High Court of Australia. Yeah, right.

I know. And did they not hear him because he was a Singaporean? Is that the reason? The High Court determined that he is in fact not a Singaporean investor. But he wasn't standing for that. He's going to go to the Swiss. Wait, is it the High Court? Agee C.

No, no, it was last year. So High Court said, no, Clive, you're not Singaporean. So he took it to the Swiss Federal Court. I love it. He's gone around the world. It's not going to Singapore. Does he do an impression of Singaporean? Like, is he sort of, is he a bit Rodney Rood style, you know, going around the

calling the word LAR to the end of every second sentence? Look, yeah, it's, has he been to Singapore? I mean, is you have Singaporean citizenship? Let's have a look. I don't imagine he does. I think he's just arguing that by virtue of the company. He's Singapore. I love it. He doesn't have Singaporeans.

He's insane. And apparently it's a shell company, according to AI. So, no, but not just this. He lost another one in, in September. At some sort of international tribunal. Wow. I don't know what, whether he's, I'm not sure if he's Singaporean or Australian. him for tax purposes, but he's certainly a loser in multiple jurisdictions.

To say that, he may be a Singaporean loser. I don't want to get sued by him. But, yeah, this was under a thing called the Investor State dispute settlement. There's another entire thing. Which is not involved in enough lawsuits, Charles, with the chaser. Yes. I think it's very unfortunate. Where can he go?

Can he go to the Court of Arbitration for Sport? Because, you know, he was, you know, at one point he tried to take over football Australia. I think it lasted about a day. But surely, Charles, Charles, surely we found the next president of FIFA. Yes, I think that's. Because they need someone from the Asian area. That's right. It would be really good to have a bit of diversity.

It's had a lot of white guys running here. This club parma looks good. Singaporean. Yeah. Yeah. I mean, it's odd that his name's not, you know, from Malay or Chinese or Tamil. But it's good seeing Singapore diversifying a bit there. So he could be the next president of, and perhaps then he could give himself the fee for Peace Prize.

Well, yeah, that goes without saying. I think that's very good. So, Charles, if Australia wanted a second team in the World Cup, could we do a deal with Singapore, perhaps? Could we have a soccer team that's, or perhaps you could have as cricket treat? You know, the only problem with that is they'd beat us. Oh, yeah. I was thinking like Australia versus Australia Riot at the next World Cup, but instead of Australia

Ray at Singapore. Yeah, yeah, yeah. All right. Well, I mean, if Clive Palmer's playing, they're probably leaving Bitos. Yeah, but the part, I feel bad saying this, Charles, but the part of this that appeals to me is the not paying any tax. Like, what are we doing? We aren't doing any tax minimisation at all.

What's wrong with us? We don't pay tax. We don't make money. Oh, of course. That makes us better at business than Clive Palmer, doesn't it? If we don't pay any tax. Yes, you're right. We should go into nickel mining.

Well, I wonder what's his next move. I mean, surely he's not going to say this is the end. No, he's got to go to the new court that they've set up to deal with space junk. The space junk court. The intergalactic court. Yes, that's true. He needs to say that as a citizen of space, as a citizen of Venus. He's lost in the internet, like this is the permanent court of arbitration.

This is a global court. You've got it, Charles. You can say that for tax purposes, the company's based on the moon. On the moon. Yep, yep. I love it. As a lunar citizen. Yeah.

Well, it's certainly loony. You know, I think we can leave it there. By the way, Charles, we should just clarify that if Mr Palmer's lawyers want to sue us, they are actually based in Venezuela. Yes, yes. They can just contact us there. Yeah. So just you can't possibly sue us.

us through defamation or any other issue in Australian court. It won't work. But if you want to square off on the lunar court, we'll see you there. Adios. We're part of the Aconicalist Network. No, we're not. That's based in Australia. We'll catch you next week.