Authorities have accused Queensland’s richest resources tycoon of deceptive and corrupt professional conduct.
The Australian Securities and Investments Commission (ASIC) recently charged Clive Palmer with two counts breaching the Corporations Act by misusing his director role at Mineralogy and fraudulently gaining a benefit or advantage in violation of the Criminal Code Act.
The regulator claims the 66-year-old Broadbeach Waters resident authorised an illegal $10 million transfer between 5 August and 5 September 2013 that benefitted Cosmo Developments, the Palmer United Party (PUP) and other companies.
“ASIC also alleges that, between 31 August 2013 and 3 September 2013, Mr Palmer dishonestly obtained a benefit or advantage for Media Circus Network and/or PUP by authorising the transfer of $2.16M contrary to the purpose for which the funds were being held,” the regulator said in a public statement.
“It is alleged that Mr Palmer dishonestly used his position as a director of Mineralogy in obtaining that advantage.”
Maximum 12-year sentence
If found guilty, Palmer could be slapped with a maximum fine of $340,000 and face up to 12 years in jail.
“The maximum penalty for an offence under section 408C of the code is five years’ imprisonment,” ASIC said.
“However, if circumstances of aggravation are established the maximum penalty at the time the offences are alleged to have occurred is increased to 12 years’ imprisonment.”
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The matter has been adjourned to August 28 at the Brisbane Magistrates Court.