Queensland Nickel watchdog investigation still ongoing as Palmer faces separate criminal charges

The corporate watchdog dropped shocked news it had hit billionaire Clive Palmer with fraud charges last week. Now ASIC has confirmed it is continuing its investigation into the collapse of Queensland Nickel and that there are “other parties involved”.

THE corporate watchdog is continuing to investigate the collapse of Clive Palmer’s Queensland Nickel, even as it seeks to prosecute him over fraud allegations dating back to 2013.

It was revealed last week the Australian Securities and Investments Commission had hit the billionaire with four criminal charges, including dishonestly gaining an advantage and misusing his position as a company director.

Clive Palmer hit with four fraud charges, facing five year jail sentence

ASIC commissioner John Price told a Senate committee last night that they were still conducting investigations in relation to Queensland Nickel’s 2015 collapse, and whether Mr Palmer had acted as a shadow director at the time.

“Broadly speaking they relate to various issues to do with the liquidation of Queensland Nickel and they are relevant to a range of parties,” Mr Price said.

He said he was unable to provide further detail without risking prejudicing the investigation.

But in response to questions from Labor Senator Tony Sheldon, Mr Price confirmed he was still seeking to speak with Mr Palmer’s nephew and former QN director Clive Mensink.

Clive Palmer.

Clive Mensink.

Mr Mensink was last known to be in Bulgaria while he faces two arrest warrants seeking his return to Australia to face questions over the collapse of Queensland Nickel.

“We would very much like to speak with Mr Mensink. As with all extraditions there are complexities with that,” Mr Price said.

ASIC has previously indicated it has been probing political donations, use of aliases, shadow directors and conflicts of interest related to the collapse of QN.

In relation to the most recent charges, Mr Palmer himself has indicated they related to an incident in 2013 with his company Mineralogy and linked it to his dispute with former Chinese business partners Citic.

Mr Price said he was unable to comment in regards to this.