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Prominent businessman Clive Palmer could now face up to five years in prison after being charged with alleged breaches of directors’ duties and fraud.
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Clive Palmer charged with fraud, breach of directors’ duties
17 July 2020
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6 minute read
Mr Palmer has now been charged with two counts of dishonestly using his position as a director and two counts of fraud by dishonestly gaining a benefit or advantage.
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The maximum penalty for the former charge is $340,000 or imprisonment for five years, or both, while the maximum penalty for the latter fraudulent charge is five years of imprisonment.
The charges come after an ASIC investigation allegedly found that between 5 August 2013 and 5 September 2013, Mr Palmer dishonestly obtained a benefit or advantage for Cosmo Developments Pty Ltd and/or the Palmer United Party and others by authorising the transfer of $10,000,000 contrary to the purpose for which the funds were being held.
The corporate regulator alleges that he dishonestly used his position as a director of Mineralogy Pty Ltd, a mining company owned by him, in obtaining that advantage.
ASIC also alleges that, between 31 August 2013 and 3 September 2013, Mr Palmer dishonestly obtained a benefit or advantage for Media Circus Network Pty Ltd and/or Palmer United Party by authorising the transfer of $2,167,065.60 contrary to the purpose for which the funds were being held.
It is alleged that Mr Palmer dishonestly used his position as a director of Mineralogy in obtaining that advantage.
The matter, which was first mentioned in the Brisbane Magistrates Court on 20 March, has now been adjourned until 28 August.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
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