Clive Palmer has been charged with fraud and breaching directors’ duties over a multimillion-dollar transfer of funds.
The Australian Securities and Investments Commission alleges that, in 2013, Mr Palmer dishonestly obtained a benefit or advantage for Cosmo Developments and/or his Palmer United Party and others by authorising the transfer of $10 million that was contrary to the purpose the money was being held for.
ASIC also alleges the former MP dishonestly used his position as a director of his mining company Mineralogy Pty Ltd in obtaining that advantage.
Mr Palmer has been charged with two counts of breaching the Corporations Act 2001 (dishonestly using his position as a director) two also faces two criminal charges of fraud (dishonestly gaining a benefit or advantage).
ASIC also alleges that, between August 31-September 3, 2013, Mr Palmer dishonestly obtained a benefit or advantage for Media Circus Network Pty Ltd and/or PUP by authorising the transfer of $2,167,065.60 contrary to the purpose for which the funds were being held. It is alleged that Mr Palmer dishonestly used his position as a director of Mineralogy in obtaining that advantage.
He faces maximum penalties of five years’ jail or a $340,000 fine.
The matter was first mentioned in the Brisbane Magistrates Court on March 20, when it was adjourned until Friday (July 17). On Friday, it was again adjourned until August 28.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
This article is republished, with permission, from InQueensland