ASIC charges Clive Palmer over Coolum resort villas
Clive Palmer says the corporate watchdog’s pursuit of him is ‘politically motivated’, after being charged by ASIC today.
Clive Palmer says the corporate watchdog’s pursuit of him is “politically motivated” and designed to block him from standing for parliament again, after ASIC charged him with offences that carry a maximum penalty of two years’ jail.
The ASIC charges – against Mr Palmer and his company, Palmer Leisure Coolum, relating to his dinosaur golf resort on the Sunshine Coast and the privately owned villas at the site – were mentioned for the first time in the Brisbane Magistrates Court this morning.
Former federal MP Mr Palmer – the founder of the now-defunct Palmer United Party - did not appear in court, but has released a combative statement saying he will fight the charges, and alleging they are part of a political witch-hunt.
“These charges have been brought on for a political purpose,’’ Mr Palmer said. “The charges relate to matters that are alleged to have happened nearly six years ago in respect of an offer by one my companies to buy around $4000 of shares.
“The charges are an attempt to try to make me ineligible to stand for parliament and they won’t succeed.
“ASIC has known about the events for nearly six years so serious questions must be asked as to why they are acting now and at whose direction.”
He said he would vigorously defend the charges and they were doomed to fail. Mr Palmer also released written advice from former ASIC chair and lawyer Tony Hartnell, which said the charges against Mr Palmer and his company were “doomed to fail”.
“PLC has not committed an offence under the Act, and no accessorial liability can flow to Mr Palmer,” Mr Hartnell’s advice reads.
“The above matters evince that the prosecution of PLC and Mr Palmer should be permanently stayed as an abuse of process on the ground that it is so obviously hopeless that it has no prospect whatsoever of success.”
ASIC released a statement confirming the charges, which carry a maximum penalty of two years’ jail and a fine of $11,000.
“Following an ASIC investigation, Mr Clive Frederick Palmer, 63, of Broadbeach Waters in Queensland, has been charged with breaching takeover law arising from a proposed takeover of The President’s Club Ltd (TPC),” the corporate watchdog said
“Palmer Leisure Coolum Pty Ltd (Palmer Leisure Coolum), previously known as Queensland North Australia Pty Ltd, has also been charged over the proposed takeover.
“ASIC alleges that in April 2012 PLC publicly proposed to make a takeover bid for securities in TPC but subsequently did not make an offer for those securities within two months, as required under section 631(1) of the Corporations Act 2001. Mr Palmer, a director of Palmer Leisure Coolum, has been charged with contravening section 631(1) - through the operation of section 11.2 of the Criminal Code - for aiding, abetting, counselling or procuring the company to commit that offence.
“The charges carry a maximum penalty of two years’ imprisonment and fine of $11,000 for an individual, and fines of $55,000 in respect of a corporation.
“The matter has been listed for a pre-trial hearing before the Brisbane Magistrates’ Court on 13 June 2018.
“An application has been made by Mr Palmer and Palmer Leisure Coolum to the Supreme Court of Queensland for the charges to be permanently stayed, with the application returnable before that court on 19 April 2018.
“The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.”
Brisbane Magistrates Court documents – seen by The Australian – confirm the “person” Mr Palmer is alleged to have aided, abetted, counselled or procured the offence from was his company, Palmer Leisure Coolum Pty Ltd, which owns the Sunshine Coast golf resort.
The documents also show that a Brisbane-based ASIC officer swore the complaint against Mr Palmer and his company before a Justice of the Peace in February.
Mr Palmer was served with the complaint – and a summons to appear in court today - on March 2, through his brother-in-law George Sokolov, who the court documents said had the authority to be served on his behalf.
There will now likely be a battle in the Queensland Supreme Court over the charges, where Mr Palmer is asking for an injunction for them to be permanently stayed. That matter will be heard on April 19, while the criminal charges are due back in court for a pre-trial hearing on June 13.
Separately, Mr Palmer is fighting a many-fronted legal war against liquidators for his Queensland Nickel company, which ran a nickel refinery in Townsville before it collapsed under its debts.
That matter will return to court this afternoon, when lawyers for Mr Palmer and his corporate empire are expected to argue for an extension to file a defence to the liquidators’ claims. His defence was due today, after Queensland Supreme Court judge John Bond made orders in late December.
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