Clive Palmer been slapped with criminal charges  for the first time. Picture: AAP Image/Dan Peled
Clive Palmer been slapped with criminal charges for the first time. Picture: AAP Image/Dan Peled

Palmer hit with first ever criminal charge over Coast resort

UPDATE: EMBATTLED entrepreneur and wannabe politician Clive Palmer has vowed to fight the charges brought by ASIC, claiming they are politically motivated and doomed to fail.

"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," Mr Palmer said.

"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."

The mining magnate said the charges were part of a political witchhunt.

"The charges have no basis in law and are not of a concern to me and should not be to anyone," he said.

"All Australians have witnessed the political witch hunt carried out by successive governments against those who dare to express their opinion.

"I am not deterred by today's actions. I welcome them as a chance to defend the rights of all Australians."

It is the first time Mr Palmer has been slapped with criminal charges.

The charges relate to a failed takeover bid by one of his entities, Palmer Leisure Coolum.

The Brisbane Magistrates Court this morning heard Mr Palmer had been charged by ASIC for allegedly aiding, abetting or counselling the commission of an offence by another person, namely his company Palmer Leisure Coolum Pty Ltd.

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.

ASIC allege in June 2012 Palmer Leisure Coolum breached the Corporations Act by publicly professing to make a takeover bid to for the company The Presidents Club Pty Ltd, but failed to make an offer for securities in the company in a two-month period.

They allege that Clive Frederick Palmer aided, abetted, counselled or procured the company to do so.

Palmer Leisure Coolum has also been charged separately with proposing or announcing a bid, then failing to make an offer within two months.

Court documents show the charges were laid in late February.

Barrister for Palmer, Chris Wilson, told the court he would make a no case to answer submission when the charges returned to court in June.

Magistrate Mark Howden agreed Palmer could remain on bail until the next appearance.

The matter was listed for a pre-trial hearing in on June 13.

An ASIC spokesman said the charges related to a proposed takeover of The President's Club, a timeshare villa scheme located at Palmer Leisure Coolum.

It's understood on April 12, 2012, Queensland North Australia Pty Ltd, now known as Palmer Leisure Coolum, lodged a bidders statement with ASIC that proposed a bid for all of The President's Club's shares and the corresponding villa interests.

Under the Corporations Act, offers for the securities in a takeover bid must be made within two months of the proposal but ASIC alleges no offer was made within the required timeframe.

"ASIC alleges that in April 2012 Palmer Leisure Coolum publicly proposed to make a takeover bid for securities in The President's Club but subsequently did not make an offer for those securities within two months, as required under section 631(1) of the Corporations Act 2001," an ASIC spokesman said.

"Mr Palmer, a director of Palmer Leisure Coolum, has been charged with contravening … 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.

 

EARLIER: CLIVE Palmer has for the first time been slapped with criminal charges in relation to a failed takeover bid by one of his entities, Palmer Leisure Coolum.

The Brisbane Magistrates Court this morning heard embattled businessman Clive Frederick Palmer had been charged by ASIC for allegedly aiding, abetting or counselling the commission of an offence by another person, namely his company Palmer Leisure Coolum Pty Ltd.

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.

Palmer Coolum Resort, Coolum. Picture: Glenn Barnes
Palmer Coolum Resort, Coolum. Picture: Glenn Barnes

ASIC allege in June 2012 Palmer Leisure Coolum breached the Corporations Act by publically professing to make a takeover bid to for the company The Presidents Club Pty Ltd, but failed to make an offer for securities in the company in a two-month period.

They allege that Clive Frederick Palmer aided, abetted, counselled or procured the company to do so.

Palmer Leisure Coolum has also been charged separately with proposing or announcing a bid, then failing to make an offer within two months.

Court documents show the charges were laid in late February.

Barrister for Palmer, Chris Wilson, told the court he would make a no case to answer submission when the charges returned to court in June.

Magistrate Mark Howden agreed Palmer could remain on bail until the next appearance.

The matter was listed for a pre-trial hearing in on June 13.

An ASIC spokesman said the charges related to a proposed takeover of The President's Club, a timeshare villa scheme located at Palmer Leisure Coolum.

It's understood on April 12, 2012, Queensland North Australia Pty Ltd, now known as Palmer Leisure Coolum, lodged a bidders statement with ASIC that proposed a bid for all of The President's Club's shares and the corresponding villa interests.

Under the Corporations Act, offers for the securities in a takeover bid must be made within two months of the proposal but ASIC alleges no offer was made within the required timeframe.

"ASIC alleges that in April 2012 Palmer Leisure Coolum publicly proposed to make a takeover bid for securities in The President's Club but subsequently did not make an offer for those securities within two months, as required under section 631(1) of the Corporations Act 2001," an ASIC spokesman said.

"Mr Palmer, a director of Palmer Leisure Coolum, has been charged with contravening … 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.



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