Clive Palmer hit with criminal charges
Posted on 04/25/20 7:41 PM
Clive Palmer did not appear in court when charged by the corporate watchdog (file)Clive Palmer says criminal charges brought against him by the corporate watchdog are baseless, politically motivated and will fail.
The n Securities and Investments Commission has charged the former federal politician with one count of aid, abet, counsel or procure the commission of an offence by another person.
It relates to the unfulfilled 2012 proposal to buy shares of another company that owned properties at his troubled Coolum resort.
Under corporations law he was required to make an offer within two months of announcing his intentions but failed to do so, ASIC said on Friday.
Palmer Leisure Coolum Pty Ltd has also been charged with proposing or announcing a bid then failing to make an offer within two months.
“The charges carry a maximum penalty of two years imprisonment and fine of $11,000 for an individual and fines of $55,000 in respect of a corporation,” ASIC said.
During a brief mention in Brisbane Magistrates Court on Friday, for which Palmer did not appear, his lawyer Christopher Wilson said they would argue there was no case to answer when the matter goes to a hearing in June.
Palmer has also applied to the Supreme Court for the charges to be permanently stayed and that is expected to go before the court in April 19.
The businessman said the charges related to an offer to buy about $4000 worth of shares.
He said he would vigorously defend the charges, which he claimed were laid for political reasons.
“The charges are an attempt to try to make me ineligible to stand for parliament and they won’t succeed,” he said in a statement on Friday.
“ASIC has known about the events for nearly six years, so serious questions must be asked as to why they are acting now and at whose direction.”
Palmer was unfazed by the latest legal action brought against him.
“The charges have no merit and I will bring to account the individuals undermining the judicial system,” he said.
He is expected to speak further about the charges at a press conference next week.
Palmer Coolum Resort has been in the headlines for years, notably when the last n PGA Golf Championship was played there in 2012 after a decade of hosting the event.
The next year Palmersaurus was opened, displaying more than 160 life-size dinosaurs.
In March 2015, “Jeff” the Dinosaur, which was apparently named after former deputy premier Jeff Seeney, was destroyed by fire.
Palmer is set to appear at the June hearing.