Once ranked as Australia’s 26th-richest person by Forbes in 2012, Singapore-based coal baron Nathan Tinkler has fallen from such great heights — he was recently declared bankrupt after losing a legal tussle.
The 40-year-old got bankrupted on Tuesday over a claim that he owed US$2.25 million to GE Commercial Australasia Pty for a luxury jet. He plans to appeal the ruling imposed by Australia’s Federal Court, Reuters reports.
Australian law states that bankrupt individuals are barred from holding corporate directorships, and thus Tinkler has since resigned from his position as chief executive of Australian Pacific Coal. He’ll continue to act as technical advisor to the company though.
The man amassed his wealth from the mining boom and became Australia’s youngest billionaire, but lost it all after the collapse of coal prices, forcing him to sell his various assets — including a horse farm and a soccer club — to repay debts. It was as early as 2012 that his financial troubles came to light — mostly for unpaid bills to various agencies, companies and individuals.
