News National Clive Palmer ordered to pay court costs in ASIC case

Clive Palmer ordered to pay court costs in ASIC case

Clive Palmer must pay court costs after failing to have charges dismissed. Photo: AAP
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Billionaire Clive Palmer has been slapped with an order to pay legal costs after a Queensland court refused to block criminal charges against him.

Supreme Court Justice Soraya Ryan last month ruled against the bid by Mr Palmer and Palmer Leisure Coolum to halt legal proceedings brought by the Australian Securities and Investments Commission.

This week, Justice Ryan ordered Mr Palmer and PLC pay the legal costs for Commonwealth prosecutions and ASIC.

In the decision, Justice Ryan found the mining magnate’s claims were groundless and an “inappropriate attempt to interfere with the criminal process”.

She found it impossible to determine if Mr Palmer acted in bad faith to delay committal proceedings or whether he genuinely believed he was the victim of a government conspiracy.

ASIC alleges Mr Palmer encouraged his firm to purchase shares of another company that owned properties at his Sunshine Coast resort in 2012.

He was meant to make an offer within two months of announcing his intentions under corporations law, but didn’t.

Palmer Leisure Coolum Pty Ltd has also been charged with proposing or announcing a bid, then failing to make an offer within the required time.

-AAP