Irish stud takes action against mining tycoon
Irish racehorse breeding operation Kildangan Stud is taking legal action against Australian coal mine tycoon Nathan Tinkler, whose billion-dollar empire is on the verge of collapse.
Australia’s deputy tax commissioner became the latest creditor to take action against Mr Tinkler, whose investments are under pressure following a slide in the price of coal.
It emerged yesterday that Kildangan Stud, the Kildare breeding operation owned by Sheikh Mohammed bin Rashid al-Maktoum, has filed proceedings against Mr Tinkler in a New South Wales court.
It is understood that Kildangan’s action relates to unpaid fees for the use of some of its stallions. The stud has subpoenaed Mr Tinkler personally.
Alongside his mining interests, Mr Tinkler invested heavily in racing and bloodstock through Patinack Farm in New South Wales, which owns stallions and breeding stock.
Earlier this week, a federal court appointed liquidators to Patinack, but the business is continuing to trade.
Mr Tinkler (36) rose from being a mining electrician to Australia’s youngest billionaire on the back of the country’s resources boom, by raising $1 million Australian dollars to invest in an under-rated coal deposit. He ended up with 20 per cent of Whitehaven, Australia’s biggest independent coal miner. However, he amassed debts, and creditors are seeking $28 million.
Kildangan Stud is part of Sheikh Maktoum’s Darley operation, a multinational breeding business with interests in Ireland, Australia, Britain, France and the US.
In a further Irish connection, thoroughbred stallion Lope de Vega, based at Ballylinch Stud, Co Kilkenny, is moving to Patinack for the Australian breeding season.