Clive Palmer
Australian billionaire Clive Palmer speaks at a news conference to announce his plan to build Titanic II. Reuters/Olivia Harris

Clive Palmer threatens to sue Prime Minister Malcolm Turnbull for defamation over “lies” regarding his role in the demise of Queensland Nickel. He seeks $10 million in damages from the prime minister.

The former federal MP said the Australian leader will have his time in court and will tell the public what really happened about Queensland Nickel. He is pleased with how the investigations are going on.

"Let me say at the moment it is very pleasing what's happened in the investigation so far — the truth is coming out and our proceedings against the Prime Minister have been launched," he told reporters. More details from investigations regarding Queensland Nickel will emerge Wednesday.

Turnbull has supposedly accused him of utilising the company’s money for his own purposes. “Mr Palmer’s role in this is disgraceful, as you know he’s been taking money out of that company for his own purposes and that has played a major part in the dire state the business is in,” the prime minister said in a press conference.

Palmer also plans to sue Employment Minister Michaelia Cash for allegedly tarnishing his reputation over the same matter. He is seeking $250,000 in damages from Cash, but the amount can be cut to half if the senator makes a public apology. The senator had earlier claimed that Palmer was stripping money from the company.

“Michaelia Cash simply lied when she accused me of stripping money from Queensland Nickel,” Palmer said. He said her statement has caused serious damage to his reputation in the business world.

He also told Townsville Bulletin that it is time to bring this politician before the courts for the world to see what she and the Liberal Party will do to hold onto to power no matter what the cost is. Palmer hopes that all the people in Australia will know about the harm that has been caused to him by Cash.

He has maintained that he is not one to blame for the collapse of Queensland Nickel, which had earned debts of about $300 million. Queensland Nickel’s fall has left 800 Townsville workers jobless.

Palmer said it is the Federal and State governments that should be blamed for refusing requests for a loan. But FTI Consulting, Queensland Nickel's general purpose liquidators, said there has been proof that Palmer was secretly using a “piggy bank” to fund his other businesses and interests. Palmer believes that the truth is coming out.