Clive Palmer hit with fresh fraud charges, facing possible five-year jail sentence

Billionaire Clive Palmer could face up to five years in jail after being charged with four new criminal offences by the corporate watchdog.

Billionaire mining magnate and former federal MP Clive Palmer has been hit with fresh criminal charges by the corporate watchdog.

The Australian Securities and Investments Commission (ASIC) commissioner John Price told a joint parliamentary committee on Friday that Palmer had recently been charged with four offences relating to alleged conduct in 2013.

“Mr Palmer has been charged with two counts of contravening section 408C(1d) of the Criminal Code of Queensland by dishonestly gaining a benefit or advantage, pecuniary or otherwise, for another person,” Mr Price said.

“And two counts of contravening s184 of section 2 of the Corporations Act by dishonestly using his position of a director of a corporation with the intention of directly or indirectly gaining an advantage from someone else.”

Palmer’s spokesman said the charges were “ridiculous”. Picture: AAP/Jono Searle

Each of the two fraud charges carries a maximum penalty of five years jail. Picture: Supplied

Each of the two fraud charges carries a maximum penalty of five years jail. Mr Price did not say what company or event the charges are related to.

The reference to 2013 suggests the charges are likely to relate to Palmer’s business dealings in Western Australia, rather than his collapsed Queensland Nickel refinery.

He is already facing criminal charges from ASIC related to his company Palmer Coolum Leisure.

But the former politician brushed off the charges on Friday as “politically motivated” and “nothing to worry about”.

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“These charges are just ridiculous,” a spokesman for his flagship company Mineralogy told AAP.

The spokesman said Palmer was looking forward to suing ASIC Commissioner John Price for damages, saying it was a vindictive case against a person of notoriety.

“We look forward to seeing Mr Price in court when doesn’t have the protection of parliamentary privilege,” he said.

Palmer is due to appear before Brisbane Magistrates Court on March 20.

Originally published as Clive Palmer hit with fresh fraud charges, facing possible five-year jail sentence