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Anna Palmer pleads ignorance over millions

Anna Palmer pleads ignorance over millions.jpg

Anna Palmer claims to have no memory of why 130 million Swiss francs were transferred to a Bulgarian company owned by her husband Clive. (AAP Image/Darren England) 

Anna Alexandrova Palmer claims having no memory of why 130 million Swiss francs were transferred to a Bulgarian company owned by her husband Clive.

Nor could she explain $40 million being transferred to Mr Palmer's political United Australia Party (UAP).

The two transactions by Mineralogy, while Ms Palmer was sole director of her husband's flagship mining company, were revealed as she gave evidence in the Federal Court in Brisbane on Friday.

Ms Palmer, a chartered accountant and lawyer, faced the court for the second time to answer questions about her role with Mineralogy in 2016-18 having done so last week.

Her appearance has been required as part of an ongoing dispute between Mr Palmer and liquidators for his Queensland Nickel refinery in Townsville.

It collapsed three years ago to leave creditors hundreds of millions of dollars out of pocket.

The court heard Mineralogy transferred to Mr Palmer's Bulgaria-registered Palmer Investments Limited (PIL) the sum in Swiss francs with repayment not required for 50 years.

It would also pay interest - negative interest - to PIL for the transaction.

"You tell me how that can be to the benefit of Mineralogy," barrister John Peden, for the liquidators, said.

"I can't remember exactly because it was a long time ago," Ms Palmer responded.

She went on to speculate the company was "diversifying its asset position".

"In 50 years' time? .. Are you serious?" Mr Peden said.

"Yes I am serious ... The life of the company's infinite," Ms Palmer said.

When asked what happened to the money, she said she didn't know because "I'm not director of that company".

Ms Palmer also said she "didn't know anything about" the donation to UAP but had "heard that Mineralogy has donated some money".

But she denied a suggestion it was a "gift" to Mr Palmer which was logged as a political donation.

Mr Peden questioned whether a $23 million advance to "CFP" - Clive Frederick Palmer - from Mineralogy was Mr Palmer "repaying a loan to himself".

Last week, Ms Palmer denied a comment by her husband in 2017 suggesting she was in control of the couple's finances and he was " just a pawn in her hands".

"I think that was just a throwaway funny comment. I think he was being humorous," she said.

Queensland Nickel left 800 workers out of a job and owes millions as a result of its failure.

Liquidators will attempt to claw back some of that money in a Brisbane Supreme Court trial starting in July.

© AAP 2019