Yahoo Finance Billionaire Tinkler struggling to pay the bills
Self-made mining magnate Nathan Tinkler is being accused of failing to meet the superannuation obligations of workers at his horse-racing stables.
Documents from Mr Tinkler’s racing company, Patinack Farm, reveal staff are on the point of “mutiny” after a series of failed promises to make up the unpaid superannuation, reports Business Day.
It is believed that the Australian Taxation Office has been called in to investigate the complaints from employees.
The failure to meet the super payments, a sign a business is struggling with revenue, comes at the same time Mr Tinkler was unable to raise $28.4 million to fulfill an obligation to buy a 34 per cent stake in coal company Blackwood Corp.
In a bid to raise some cash, Mr Tinkler reportedly tried to sell his racing and breeding interests to a Qatari sheikh for $200 million.
There are currently no reports that Tinklers search for cash will see him selling off other any of his other sporting interests, which include ownership of the Newscastle Knights and A-League team the Newcastle Jets.
In December last year, Tinkler was named as Australia’s richest person under 40 with a fortune of $1.13 billion.
Since that time Mr Tinkler’s stock in Whitehaven Coal, a company he owns 21 per cent of, has slumped which has significantly affected his net worth. On Friday, his shares in the company were worth $778 million, down from highs of $.12 billion in April.
Related: Mining magnates lured to Singaporean tax haven
Tinkler’s racing run
In May 2008, Tinkler sold his 10 per in Macarthur Coal for $440 million and that same year announced himself to the racing world with a $19 million spending spree at the Magic Millions Yearling Sale.
His pursuit of being an Australian racing and breeding powerhouse has seen Tinkler spend hundreds of millions on bloodstock, farms and training facilities.
However, big race success has eluded Tinkler with the cost of his racing empire, which some estimate at $500,000 a week, substantially outstripping any winnings.
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