Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared bankrup

[zeroo]

SYDNEY (REUTERS) - Former Australian coal baron Nathan Tinkler on Wednesday (Feb 10) resigned as managing director of Anglo Pacific Coal Ltd after losing a legal battle over money he owed from the sale of a luxury jet and being declared bankrupt.

Mr Tinkler, 40, rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed.

The bankruptcy was declared in Australia's Federal Court on Tuesday and stems from a complaint from GE Commercial Australasia Pty, which claimed he owed US$2.25 million (S$3.14 million) on a Dassault Falcon 900C he once owned.

Mr Tinkler, who resides in Singapore, was not immediately available for comment. He told The Australian newspaper on Tuesday that he would appeal the ruling.

Under Australian law, bankrupt individuals are barred from holding corporate directorships. Mr Tinkler was in October appointed chief executive of Australian Pacific Coal, which has agreed to acquire the majority of a coal mine from Anglo American.

A statement from Anglo Pacific Coal announcing the resignation, also said Mr Tinkler would continue to act as a technical advisor to the company and that the deal with Anglo American was not affected by the bankruptcy ruling.

The one-time electrician who was ranked as Australia's 26th- richest person by Forbes in 2012, made an initial attempt at a comeback two years ago. But a deal to buy a mine from Peabody Energy fell through when he failed to make a A$70 million closing payment.

As coal prices plummeted, Mr Tinkler was forced to sell an array of assets purchased with the proceeds from his coal businesses, including a beloved thoroughbred horse farm and a professional soccer club to repay debts.

The action, taken by GE Commercial, is related to the forced sale of the private jet. In 2012, receivers impounded a luxury plane in Singapore and a helicopter in Brisbane.

Mr Tinkler argued the currency conversion had been incorrect and the debt had been recorded in US dollars, the Daily Telegraph reported.

 

[krafty]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

少年得志, normally, this is what happen! should have invest in other industries once you see coal price dip!

 

[BuiKia]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

The fengshui where he is residing is just suay.

 

[congo9]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

He should have just sold off and move on

 

[Narong Wongwan]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Sg attracts all the 2nd rate pariah tycoons

 

[fupikee]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

少年得志, normally, this is what happen! should have invest in other industries once you see coal price dip!

Very few of those who achieved wealth when they are young, especially if achieved just in a matter of a few years, are able to retain or get to enjoy it till old age. Main reason, not enough life experience to be able to handle the big money. Unless, of course they have good advisers, good money managers and/or they have struggled since young to build up the wealth themselves.

So many young sports stars, singers, actors, etc achieved millions $$$ but ended their lives in mired in drugs, addictions, poverty & misery. This is normal human weakness and failing....:(

 

[Narong Wongwan]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Very few of those who achieved wealth when they are young, especially if achieved just in a matter of a few years, are able to retain or get to enjoy it till old age. Main reason, not enough life experience to be able to handle the big money. Unless, of course they have good advisers, good money managers and/or they have struggled since young to build up the wealth themselves.

So many young sports stars, singers, actors, etc achieved millions $$$ but ended their lives in mired in drugs, addictions, poverty & misery. This is normal human weakness and failing....:(

Even peasant uncles if retirement age also can't handle their paltry cpf payouts and squander all on ATBs......or so that's what the pap says

 

[bigboss]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Sg attracts all the 2nd rate pariah tycoons

LKY wanted foreign talents and he got bankrupt foreigners who hide in the island from creditors ...

 

[bigboss]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Even peasant uncles if retirement age also can't handle their paltry cpf payouts and squander all on ATBs......or so that's what the pap says

Many Ah peks find it too difficult to resist the amorous ATB. If they have CPF money, the ATB will come calling, open arms and open legs until the ah pek's money is sucked dry and clean.

 

[frenchbriefs]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Very few of those who achieved wealth when they are young, especially if achieved just in a matter of a few years, are able to retain or get to enjoy it till old age. Main reason, not enough life experience to be able to handle the big money. Unless, of course they have good advisers, good money managers and/or they have struggled since young to build up the wealth themselves.

So many young sports stars, singers, actors, etc achieved millions $$$ but ended their lives in mired in drugs, addictions, poverty & misery. This is normal human weakness and failing....:(

thats because those are sports stars,singers and actors,they are like the average smuck on the street,with zero financial literacy,no idea how many how money works,no business sense,have zero fiscal management skills,and is not capitalistic minded,like the average fucktard on the street they are bound to go broke sooner or later.this billionaire tycoon is in a different class and category altogether,in his line of work,in order to get to where he is,he is used to taking huge calculated risks and massive carefully planned moves all the time throughout the career,just like steve wynn when he spent 400 million of his own money to build the biggest and most luxurious hotel in las vegas the mirage and the bellagio in the 90s,or richard branson when he sold his first company virgin records for 110 million in order to save his airline company virgin airlines.same goes for robert kuok and .
if given a second chance,i believe this guy will also make a comeback,he build a fortune once and he can do it again.money runs in his blood.from a electrician to a billionaire,hes worth more than every single one of those fucktard PAP ministars and mps.

 

[frenchbriefs]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

also to continue my rant from above.....do you know why all our entire government,ministars and mps and paper generals are worthless?

steve wynn build and designed the mirage and the bellagio himself in the 90s,two of the most magnificent and beautiful casinos in the world ever.....and he did it risking 400 million of his own money.400 million in the 90s was a gigantic sum of money.

sheldon adelson owns and built 4 casinos,MBS or marina bay sands was one of them,back in the 2000s when Singapore was tendering out the casinos to be build by foreigners,why couldnt we build our own casinos?

how hard is it when steve wynn himself can build the mirage and the bellagio himself?how hard could it be when singapore has all the money and resources in the world and all the talent,hundreds and hundreds of billions?

u want to know why?cause no one,not a single Minister or MP or ministry had the balls to step up to it,no one had the cahoonas the calzones the guts to step up to the billion dollar project and say ill do it,ill be responsible for building the billion dollar casino.....all of them were scared they might fuck up.building a billion dollar integrated casino is different from hosting some youth olympic games,building the casinos was probably the biggest project singapore has ever seen.if u fucked up big time,not even the SPH whorehouse can save u.all our million dollar ministers have their million dollar paychecks and jobs to consider than to put their ass on the line for such a job....

so end up the billion dollar casino was build by a foreigner and 75 percent of the revenues was stolen by a foreigner.

 

[JohnTan]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

What sort of billionaire can't afford a farm and a private jet? This loser sounds like a braggart who boast about his "wealth" but keeps quiet about the true nature of his mortgages and debts, just like many sinkie posers who enjoy acting rich.

 

[frenchbriefs]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

What sort of billionaire can't afford a farm and a private jet? This loser sounds like a braggart who boast about his "wealth" but keeps quiet about the true nature of his mortgages and debts, just like many sinkie posers who enjoy acting rich.

Not all of us are likglcsching wwith limitless pockets and billions pouring in to help rescue the glcs whenever.or the ability to overshoot the budget by 300 million with no consequences

 

[frenchbriefs]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

What sort of billionaire can't afford a farm and a private jet? This loser sounds like a braggart who boast about his "wealth" but keeps quiet about the true nature of his mortgages and debts, just like many sinkie posers who enjoy acting rich.

between he owns a throughout bred horse farm,those horses alone are worth millions let alone a whole farm,and a professional soccer club a a league australian team.all that from a being an electrician....more than i can say for ur elite RI/JC toyota driving PAP kissing ass.all ur assets combined wont be able to pay this guy's bills for two days.

 

[JohnTan]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

between he owns a throughout bred horse farm,those horses alone are worth millions let alone a whole farm,and a professional soccer club a a league australian team.all that from a being an electrician....more than i can say for ur elite RI/JC toyota driving PAP kissing ass.all ur assets combined wont be able to pay this guy's bills for two days.

This fat aussie bastard will soon be taught that his rightful place is to be an electrician. Fat fuck is trying to upset the social order by aspiring to be a billionaire. The world's a better place when serfs remember their place instead of doing nonsense like 'social mobility'.

 

[krafty]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

What sort of billionaire can't afford a farm and a private jet? This loser sounds like a braggart who boast about his "wealth" but keeps quiet about the true nature of his mortgages and debts, just like many sinkie posers who enjoy acting rich.

looking at this aussie face, he doesn't look smart as you!

 

[tonychat]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

This is what happen when you go near sinkies...

i have said many times to avoid sinkies to have a life of peace, health and prosperity.

 

[winnipegjets]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Sg attracts all the 2nd rate pariah tycoons

PAP is the party of mediocrity ...it deems mediocre 'scholars' as talents and foreign rejects as talents. Sinkapore under the PAP is dying. To get rid of the cancer, we need to get rid of the source.

 

[NanoSpeed]

Re: Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared ban

Sg attracts all the 2nd rate pariah tycoons

But Oz attracts top drawer sinkies like Krafty

The reverse is going to happen. A sinkie Uber uncle who lost everything in Singapore would become a millionaire in Oz.