Monthly Archives: July 2019

Bankrupt Nathan Tinkler living large in $13.5 million mansion

Bankrupt Nathan Tinkler’s $13.5 million seaside mansion SPECTACULAR: Nathan Tinkler smashed the mid north coast record in 2008 when he purchased Noorinya for $11.5 million from Microsoft pioneer Jaybe Ammons.
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PARADISE: The sprawling $13.5 million oceanfront compound at Sapphire Beach, north of Coffs Harbour, where bankrupt billionaire Nathan Tinkler and his partner Jodie Van Gilst live.

BROKE: Former billionaire and Newcastle Knights and Jets owner Nathan Tinkler says he relies on his partner Jodie Van Gilst for living expenses.

TweetFacebookPITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise.

Whenthe counting was completed in 2016 afterhe was officially declared bankrupt, Mr Tinkler’sdebts came in atmore than $540million.

His wealth washarder to determine, but assets in his name at the end of last year did notrealise more than $1 million.

Yet just sixyears earlierhis wealth was estimated at $1.13billion by BRW magazine, making him ’s youngest billionaire.

There was theprivate jet, helicopters, a fleet of luxury cars, thoroughbredhorse studs, mansions and two sports teams -Newcastle’s Knights and Jets.

Mr Tinkler was an ultimate rags-to-riches tale,andexemplified for many, the possibility that a working-class blokecould make it big.

When it all collapsed along withcoal prices, Mr Tinklerleftbehind a businessstructure notable for its chaos -andfor its heavy reliance on debt.

It now seems that his debt woescould be working in favour as he continues to live rent-free in a sprawling $13.5 million oceanfront compound at Sapphire Beach, north of Coffs Harbour, with his partnerand two young children.

Mortgage documents for theprivate beachside compound, owned by Mr Tinkler’scompany Noorinya Holdings, reveal a $606 million mortgagein 2012 to a range of lenders including Credit Suisse as mortgage trustee.

The global financial firm is among a group of lenders reportedly still owed more than $420 million byMr Tinkler.

Bankruptcy trustee, John Melluish from Ferrier Hodgson, previously told the media he was unable to seize Mr Tinkler’sproperty portfolio and use it to repay creditors, as it was company owned.

Mr Tinkler is the sole shareholder ofNoorinyaHoldings.

When asked earlier this month about how Mr Tinkler was able to continue living at Noorinya, Ferrier Hodgson partner Robyn Duggansaid the bankruptcy trusteehadexplained the situation to creditorsand declined to commentpublicly.

Finance sector insiders have speculated that the lenders werereluctant to“call in” the debt on the property because it was “too large”.

Over the past two years MrTinkler has put several settlement offers to creditors to have his bankruptcy revoked.

The latestoffer, of $1million, wasrefused in December.

It equated to offeringless than 0.2 cents in the dollar to settle his $553.8 million debt to creditors.

Mr Tinkler could now lose thelast substantial asset in his name, a rural property at Ross Glen, near Port Macquarie, worth about $665,000.

Ms Duggan said the trustee received the title deeds for the Ross Glen property late last year and was in the process of having it valued.

“At this stage we’re moving forward to take steps to put the property on the market,” she said.

“Some funds might be used to fund further investigations as the bankruptcy trustee is without any funds at this stage.”

The fallen mining magnate smashed the mid north coast record in 2008 when he purchased Noorinyafor $11.5 million from Microsoft pioneer Jaybe Ammons and his wife Shelley whospent about$2.8 million amalgamating the site a decade earlier.

Feng shui experts were reportedly consulted and theproperty includes pagoda-style annexes, alap pool,access toa secludedbeach and 1.8 hectares of private headland.

In 2011 the local council approvedrenovations at the Coachmans Close addressvalued at $1.8 million.

Mr Tinkler previously told the Federal Court his secretary, turned partner,Jodie Van Gilst was paying his living expenses. “From time to time my fiancee provides me with cash to pay for these expenses,” he said.

In a report to creditors in December 2016, the bankruptcy trusteesaidMr Tinkler“has not made any contributions to his estate to date”.

Late last year, MrTinkler was charged with allegedly smashing a stained-glass window at his sister’s house. Police allege the 41-year-oldwent to the home of his sister Donna Dennisandher husband Lindsay, in Kendall, on the NSW mid north coast, on December 28,andsmashed the window. Mr Dennis has also applied for an apprehended domestic violence order against Mr Tinkler.

Mrs Dennis, declared bankrupt in July, signed on as a director of several companies linked to her brother when his business empire started to collapse in 2014.

In May, the n SecuritiesandInvestment Commission banned MrTinkler andMrs Dennisfrom managing companies for several years.

Newcastle Herald

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Latvia in turmoil amid US probe into bank

Latvia’s government has increased pressure on central bank governor Ilmars Rimsevics to quit.Latvia’s government is meeting in emergency session after one of the Baltic country’s biggest banks reeled under accusations of busting sanctions on North Korea and the central bank governor was held by the anti-corruption agency.
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ABLV Bank, the country’s third biggest lender, was ordered to stop all payments as its liquidity position had deteriorated sharply since the US Treasury accused it of money laundering, forcing it to seek central bank funding.

“This means that temporarily, and until further notice, a prohibition of all payments by ABLV Bank on its financial liabilities has been imposed, and is now in effect,” the European Central Bank, its supervisor, said.

The US Treasury sought sanctions against ABLV last week, accusing it of allowing clients to conduct business with North Korea, with bank executives and management bribing Latvian officials to cover up the activities.

“ABLV has institutionalised money laundering as a pillar of the bank’s business practices,” the Financial Crimes Enforcement Network, a bureau of the US Treasury, said in a statement linking some of the alleged activities to North Korea’s ballistic missiles program.

The bank has said the US accusations were based on unfounded and misleading information.

There was no immediate comment from the Latvian government on either ABLV or the detention of central bank chief Ilmars Rimsevics.

In a separate development, Latvia’s government increased pressure on central bank boss Rimsevics, an ECB policymaker, to quit after he was detained by police over the weekend in an anti-corruption probe.

“I can’t imagine that a governor of the Bank of Latvia detained over such a serious accusation could work,” Prime Minister Maris Kucinskis said.

Rimsevics’ lawyer declined to comment on what he was being investigated for but said the detention was unlawful.

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Aust keen for UK to leave EU customs union

sees an opportunity for a post-Brexit Britain to forge closer ties, Julie Bishop says.’s push for better access to the UK relies on Britain leaving the European Union’s customs union, Foreign Minister Julie Bishop says.
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Speaking in London at an -United Kingdom Chamber of Commerce event, the minister said wanted to “reassure” Britain of opportunities for trade and investment once Brexit is finalised.

“In this time of transition for the United Kingdom, I’m here to assure, perhaps reassure you that is a willing and trusted partner for the United Kingdom, and that we see many opportunities for our already close relationship to deepen and broaden in a post-Brexit world,” Ms Bishop said.

fared “very poorly” when the UK first entered the European common market in 1973 but it also forced the nation to diversify its export profile, which has led to economic growth, Ms Bishop said.

She said she wouldn’t be telling her British counterpart, Foreign Secretary Boris Johnson, or the UK government how to manage Brexit negotiations but would push shared values of liberalised trade and investment.

” is very keen to pursue negotiations for a free trade agreement with the United Kingdom,” Ms Bishop told media after her speech.

“I think that would be precluded if the United Kingdom were to join the (EU) customs union, so our national interest, our priority, would be served by negotiating a free trade agreement with the United Kingdom.”

High on ‘s list of demands is improved visa arrangements, with the reciprocal E3 visa arrangement the nation has with the US something of a model for any future UK arrangement.

“We certainly want to see greater visa access between and the United Kingdom post-Brexit.

“Reciprocal arrangement for enhanced visa access would be something we’d be very keen to achieve.”

Ms Bishop said would also welcome the UK into the Trans-Pacific Partnership trade pact, which was thrown into disarray when President Donald Trump withdrew the US from the 12-nation deal.

“Obviously Britain is a significant global economy and if Britain were to join the TPP11, it would enhance the standing of the TPP11 and the opportunities and the benefits for the members,” Ms Bishop said.

“I’m sure the United States will continue to be interested in the evolving nature of the TPP11 given President Trump’s comments at Davos.”

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Norman tells of teeing up Turnbull, Trump

Greg Norman has revealed the role he played introducing Malcolm Turnbull and Donald Trump (File).n golfing great Greg Norman has shed light the key role he played introducing Malcolm Turnbull and Donald Trump.
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As the two leaders prepare to meet in Washington this week, Mr Norman has described an unusual request he received soon after Mr Trump won the 2016 US election.

“The ambassador Joe Hockey, who’s a good friend of mine, reached out to me and said that the prime minister would like to reach out to President Trump and congratulate him, and do you have his cell phone number,” he told the ABC’s 7.30 program on Monday night.

“It’s as simple as that.”

Norman, who played golf with Mr Trump quite a few times before he entered the White House, said he doesn’t ordinarily give out telephone numbers.

“But considering it was for the prime minister to call the president of the United States, I thought that would be the right thing to do,” Norman said.

“And fortunately it has turned out to be an incredible relationship.”

The legendary sportsman said relations between Mr Turnbull and Mr Trump had “started off a little bit rocky” but were now “extremely strong”.

Norman said while some members of the public loved what Mr Trump was doing and others hated it, there was no doubt the US president has “got stars and stripes flowing through his blood.”

He said Mr Trump had improved in recent months, and people should wait for things to “flush out a little bit” before making assessments and judgements on his presidency.

“I truly believe he’s very, very passionate about making this country a better, stronger place, and not only just domestically but look what he’s doing around the world,” Norman said.

“Some people like it, some people don’t like it, but at the end of the day if his number one priority is to make America a safer place, then God bless him quite honestly.”

Norman is part of a business delegation meeting in Washington to coincide with Mr Turnbull’s visit to the White House.

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Jets Vargas asked to step up training

Newcastle’s Ronald Vargas is being urged to speed up his training level to get back on the field.Newcastle Jets coach Ernie Merrick intends having a chat with recovering playmaker Ronnie Vargas about lifting his training level, as he targets a mid-march A-League return for the Venezuelan international.
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Vargas shone in the Jets first three games before he suffered a horrific ankle injury in late October.

Merrick is looking at Vargas returning in mid-March after a bye week.

“That would give him another four of five games opportunity running into the finals, which would be ideal, he just has to step up his training,” Merrick said on Monday.

“Ronnie is training hard, but not hard enough, he and I are going to have to have a little chat about that, but he’s feeling good as well.

“I’d just like him to increase his level of training to get back sooner, because he would be quite special to use in the finals.”

Argentinian winger Pato Rodriguez, who was drafted in as an injury replacement for former AEK Athens teammate Vargas, has pulled up with a calf issue after last week and has gone for a scan.

Merrick said defender Ivan Vujica was training well after missing last week’s game with illness, but Ben Kantarovski was likely to be given one more week to recover from a hamstring injury.

“I think Ben could play this week, but knowing where we’re at and going into the finals, I think I’d rather save him for one more week,” Merrick said.

An away win over seventh-placed Brisbane Roar next Saturday would guarantee Newcastle a finals spot for the first time in eight years, not that Merrick has been worried about missing out on a top-six spot.

“I’ve said that we’ll be in the finals, the position we finish in in the finals I haven’t talked about,” he said.

“There’s no doubt that if we’re in the top four we’ll have a better chance of doing well in the finals.”

Merrick said Sydney, who lead the second-placed Jets by 11 points, had already sewn up the race for the Premiers Plate.

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