Figures show Clive Palmer’s companies are bankrolling his political party

A MYSTERIOUS gentleman named Clive Frederick Palmer is single-handedly keeping the Palmer United Party afloat. An expert says he’s never seen anything like it.

Clive Palmer Screen grab from Youtube.

THE money from billionaire mining magnate-turned politician Clive Palmer’s left pocket goes straight into his right pocket.

Electoral commission figures show Palmer, who turned his hand to politics in 2013, is almost single-handedly keeping the Palmer United Party financially afloat.

From July 1 2013 to June 30 2014, PUP received $28,827,604. Of that, guess how much came from Clive Palmer himself? The answer is $25,933,132. That’s almost $26 million from Clive Palmer to Clive Palmer.

The donations were revealed on Sunday when the Australian Electoral Commission released its 2013-14 annual financial disclosure returns.

Clive Palmer’s business entities provided almost 90 per cent of the Palmer United Party’s donations.

More than $15 million was donated by Queensland Nickel, which operates the Palmer Nickel and Cobalt Refinery, owned by Clive Palmer.

More than $8 million was donated by Mineralogy Pty Ltd, which is owned by Clive Palmer.

More than $2 million was donated by Palmer Leisure Australia Pty Ltd and Palmer Coolum Resort, and more than $100,000 was donated by a gentleman named Clive Frederick Palmer of Queensland.

The remaining $2.8m was election funding paid by the AEC as required by the Commonwealth Electoral Act (1918).

Dr Ian Cook, a Senior Lecturer in Politics and International Study at Murdoch University, said he had “never seen anything like it”.

“Not on this scale,” he said. “It’s unprecedented”.

Clive Palmer leaves the forbes rich list Mysteriously the Palmer United Party then enters it

— disaster capitalism (@dannolan) February 1, 2015

Clive Palmer donated $25.9 million to the Palmer United Party through various companies he controls. #DemocracyForSale

— Lee Rhiannon (@leerhiannon) February 1, 2015

“It’s American style funding and it’s quite a decisive change from what we’ve seen. The donors aren’t normally the central players for a political party so structurally it’s completely different from what everybody else is doing.

“He’s obviously trying to use wealth to leverage political power but part of the problem with people who are successful as entrepreneurs is having that translate to politics.”

Dr Cook said Palmer had succeeded in building his profile but the party’s result at the Queensland election — they received roughly 4.9 per cent of the vote — suggests money doesn’t buy votes.

“Their performance on the weekend was fairly ordinary,” he said.

Originally published as Figures show Clive Palmer’s companies are bankrolling his political party