Clive Palmer is questioning reports his nephew Clive Mensink, who is wanted for questioning over the collapse of Queensland Nickel refinery, has been found in Bulgaria.
News Corp Australia tracked and photographed Mr Mensink, who has lost a significant amount of weight and now has a beard, to the Bulgarian capital of Sofia last week.
"When I last saw my nephew he looked nothing like that, so I don't think they are him at all," Mr Palmer told ABC radio on Sunday.
Mr Mensink was with his Bulgarian girlfriend, Gabriela Konstantinova, and another friend leaving the movies after seeing 50 Shades Freed when he was spotted.
"Mensink looked horrified and refused to answer News Corp's questions as he ducked into a pedestrian subway after being approached last week," the report said.
Ms Konstantinova defended him, saying "I don't think it is correct to embarrass him and interrupt him.''
In March last year, the Federal Court issued two warrants against Mr Mensink after he failed to appear in Brisbane for examination.
He had left Australia in June 2016, months after the Palmer-owned QN collapsed, leaving $300 million in debts and hundreds without a job.
An Australian Federal Police spokesperson told AAP they are aware an arrest warrant has been issued for Mr Mensink.
"The AFP is currently assisting the Federal Court of Australia in relation to this matter," the spokesperson said.
Queensland's Deputy Premier Jackie Trad said it was hurtful for families and workers affected by QN to hear of Mr Mensink's life overseas.
"To see people who are responsible for QN's collapse overseas and enjoying themselves, of course, it's a kick in the guts," Trad told reporters on Sunday.
"Clive Mensink should come back to Queensland and he should answer questions."
