Palmer alias: Who is ‘Terry Smith’?

THE ASIC commissioner has revealed the extent of its probe into the downfall of Clive Palmer’s Queensland Nickel, including questions over one “Terry Smith”, an alias used in the company’s dealings.

Palmer United Party Leader Clive Palmer during Question Time at Parliament House in Canberra on Tuesday, Feb. 2, 2016. (AAP Image/Mick Tsikas) NO ARCHIVING

POLITICAL donations, potentially illegal use of aliases, shadow directors and conflicts of interests make up part of a long list of inquiries the corporate watchdog is making into Clive Palmer’s Queensland Nickel.

In a Senate Estimates hearing yesterday, ASIC commissioner John Price revealed the extent of its probe into the downfall of the business, as it worked with the administrators forensically investigating its records. It included questions over Mr Palmer’s use of the alias “Terry Smith” in his dealings with Queensland Nickel.

Mr Price said while it was not a criminal offence to use an alias in general, it was in certain examples, such as providing a false statement to ASIC.

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Asked if there had been any examples of this, he replied: “In related court hearings there have been indications that there may have been aliases used, but we’re still at early days as far as our inquiries.”

Matters being looked into include the reason for the company’s collapse, issues around donations made to the Palmer United Party, its financial reporting and unpaid employee entitlements.

Mr Price said it was looking into allegations Mr Palmer acted as a “shadow director” after he had officially resigned as the head of the company.

“We will be looking at who made particular decisions at what period of time and were they in the best interests of the company. That’s a strong focus of the administrators’ analyses of the circumstances as well.”

He also revealed administrators were simply handing over documents to the watchdog, which often needed to use special compulsory powers to gain access.

Mr Palmer released a statement this morning claiming there had been “frenzied personal attacks” against him, which were “disappointing for Australia”.

“There is no truth or substance in the continuing false allegations and attacks against me,” he said.

“Personally I can understand how in the future Australians will not invest in their own country or seek to save jobs of other Australians considering the media coverage given to Queensland Nickel.

“Queensland Nickel has kept the north Queensland economy going following the decision by BHP to close operations in 2009.

“The Liberal and Labor parties are the same; they have no interest in democracy or doing what is best for Australians.”

He has previously denied using the Smith alias, despite admitting to it in court last year. At the same hearing, the one remaining PUP senator Dio Wang quizzed ASIC bosses over what investigative, surveillance and coercive powers they had.

Senator Wang said his questioning related to his push to create a federal anti-corruption watchdog similar to the Independent Commission Against Corruption in NSW. He had not spoken to Mr Palmer about the questions he asked, nor had Mr Palmer advised him of questions to ask at estimates.

WHAT ASIC WANTS TO KNOW

* Reasons for Queensland Nickel’s collapse.

* If there were any conflict of interest issues involving its senior officers.

* Issues around corporate donations.

* Unpaid employee entitlements.

* Whether Mr Palmer acted as a shadow director.

* Security interests taken out on Queensland Nickel just before entering administration.

* Issues around Queensland Nickel’s financial reporting.