Andrew Forrest, Gina Rinehart: How Twiggy almost lost his fortune due to an incredible 89-second late blunder
REVEALED: How 89 SECONDS billionaire Andrew “Twiggy” almost cost a fortune in valuable mining land – and it almost fell into the hands of his rival Gina Rinehart
- Andrew Forrest’s company applied for a permit on Friday at 4.31 p.m.
- The deadline was Saturday, but the application from Fortescue was considered late
- The paperwork was submitted at 4.31 p.m. – 89 seconds ‘late’, the department found
- The case went to court after Gina Rinehart’s Atlas Iron showed interest
An incredibly simple blunder by the company of billionaire Andrew Forrest left almost valuable land for mining exploration in the hands of rival Gina Rinehart.
Fortescue Metals Group from mr. On March 29 last year, Forrest submitted an online form to extend a mining exploration license around 4.31 pm, a court heard.
But according to the regulations, that was 89 seconds late, as a result of which the West Australian Minister of Resources Bill Johnston refused the application.
A Andrew ‘Twiggy’ Forrest company (with wife Nicola) almost lost a possible mining fortune to a rival of Gina Rinehart due to late paperwork
Atlas Iron, a company owned by the wealthiest person in Australia, mining magnate Gina Rinehart (above), reportedly tried to get Mr. Forrest’s license after the blunder
The West Australian Supreme Court was told that the Fortescue application had to be filed at midnight on Saturday, March 30.
However, since the paperwork was submitted after the work was closed on Friday, the department felt it had not been received until Monday, 1 March.
In a cruel twist of April Fool’s Day, first reported by The Western Australian, Fortescue was stripped of the license it had had for 12 years and remained in the dark for months.
The question is whether it was too late? The relevant minister thought so. I do not do
WA Supreme Court Justice Kenneth Martin
The case was brought to court after Mrs. Rinehart’s Atlas Iron had filed a request to collect the land, with that company and rental station mentioning Peter Gianni as “interested parties.”
Justice Kenneth Martin rejected the minister’s decision about the predicament in Fortescue in a judgment handed over on Tuesday.
“Here was the last day of an applicant’s investigative permit, a Saturday,” Martin Martin summarized.
‘(Fortescue) had the right to apply for an extension of that license within the period before it expired.
‘The applicant did request electronically to renew via the website of the relevant department on the immediately preceding Friday – that would be a day before the rental period would otherwise expire.
Valuable mining land: a stock image of an iron ore mine in the Pilbara region, in the northwest of Western Australia
‘But because the application was processed electronically on that Friday at 8.30 p.m. at 4.30 p.m., the Regulation allowing electronic extensions applied for the application at 8.30 p.m. the following Monday after the weekend and therefore too late.
“The question is whether it was too late? The relevant minister thought so. Not me, “he ruled.
The court’s decision comes when Ms. Rinehart, Australia’s richest person, and Mr. Forrest, who once had the same title, both made important donations to the country’s bushfire appeal.
Mrs. Rinehart recently made a secret donation at a party at her home with 150 guests.
Mr. Forrest has pledged a total of $ 70 million for assistance with bushfire assistance.
That included $ 10 million for a “volunteer army” to put into fire zones, a second $ 10 million for affected communities working with the Red Cross and Salvation Army, and $ 50 million to design a “national blueprint” for bushfire resilience.