Tinkler owes me millions: Harvey

Retail tycoon Gerry Harvey claims Nathan Tinkler owes him millions over racing interests, casting doubt over the troubled bigwig's newfound fortune.

Mr Harvey told Fairfax Media that he was considering selling off horses owned by Mr Tinkler's company Patinack Farm and had a caveat over outstanding costs.

The admission throws into doubt the veracity of claims by the former billionaire last month that he had received a reported $130m sum in the company's sale to Dubai-based firm Cibola Capital.

Earlier this month Mr Tinker said the win had enabled him to finance the $150m purchase of Queensland's Wilkie Creek coalmine, together with financing secured from investment bank Jefferies, from Peabody Energy.

But now the proposed deal appears to be in doubt, amid speculation by sources that he did not meet strict conditions set out by Jefferies and the finance had fallen through.

Mr Tinkler did not made as much money as expected from Patinack's sale nor from the offloading of an aircraft hangar in Brisbane, making it difficult to meet their requests, the sources revealed.

Mr Harvey would not confirm the amount owed to him by the colourful businessman, who rose from an electrician in the mines to become the youngest billionaire on the BRW rich list.

Fairfax Media reports it could be up to $40m.

"It has been like this for months and I have been involved with Patinack for years," he said.

"I'm a big boy and I knew what I was doing when I got involved and I'm just in the middle of it now.

"We just have to hope [Tinkler] can get one of these deals over the line and get himself out of it."

Source: Fairfax Media
Author: Chloe Ross, Approving editor: Simon Black