Palmer in hot water amid ASIC accusations of dishonesty
Mining News Pro - Mining magnate Clive Palmer has been charged with fraud and dishonest use of his position as a director to gain a benefit or advantage.
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This follows an Australian Securities and Investments Commission (ASIC) investigation, which alleges that between August 5 2013 and September 5 2013 Palmer dishonestly obtained an advantage for Cosmo Developments and/or the Palmer United Party.

According to the ASIC, Palmer authorised the transfer of $10 million, contrary to the purpose for which the funds were being held; dishonestly using his position as director of Mineralogy to do so.

The ASIC also alleges Palmer dishonestly obtained an advantage for Media Circus Network and/or the Palmer United Party by authorising the transfer of $2.1 million and that Palmer abused his position as Mineralogy director to obtain the advantage.

Palmer has been charged with two counts of contravening section 184(2)(1) of the Corporations Act 2001 and two counts of contravening section 408C(1)(d) of the Criminal Code Act 1899.

If found guilty, the maximum penalties Palmer faces under these offences are a $340,000 fine, five years’ imprisonment or both under section 184(2) and five years’ imprisonment under section 408C.

However, if circumstances of aggravation are established, the maximum penalty may increase to 12 years’ prison time.

The matter was first brought up in the Brisbane Magistrates Court in Brisbane on March 20, which was adjourned until last Friday.

When court re-sat last Friday, the case was adjourned again until August 28.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.


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