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.