logo
Receive the latest mybusiness news
SUBSCRIBE TO OUR NEWSLETTER
Copyright © 2020 MOMENTUMMEDIA

Billionaire former politician Clive Palmer charged

Adam Zuchetti
Adam Zuchetti
06 April 2018 1 minute readShare
Red card, penalty, whistle

Former Australian politician and billionaire businessman Clive Palmer has been charged by ASIC for breaching the law pertaining to corporate takeovers.

Mr Palmer and his business Palmer Leisure Coolum allegedly acted improperly with the proposed takeover of The President’s Club (TPC) in 2012.

In a statement announcing the charges, ASIC alleged that Mr Palmer’s business publicly announced a takeover bid for TPC, but failed to make a formal offer, in breach of the Corporations Act. Mr Palmer, as the director, is alleged to have aided his business in committing the offence.

The 2012 date of the alleged offense is particularly significant, given Mr Palmer created the Palmer United Party not long after and entered the federal parliament the following year.

While it may sound like a technicality, ASIC is taking the breach seriously, and has secured a pre-trial hearing for the matter in the Brisbane Magistrate’s Court for 13 June 2018.

If found guilty, Mr Palmer faces a maximum penalty of two years behind bars and a fine of $11,000, while Palmer Leisure Coolum faces a fine of up to $55,000.

 

Billionaire former politician Clive Palmer charged
mybusiness logo
Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?