Palmer case ‘ witch hunt’
EMBATTLED busi ness man Clive Palmer has vowed to fight criminal charges in relation to a failed takeover bid by his dinosaur- themed golf resort.
The Australian Securities and Investments Commission has charged Palmer Leisure Coolum with failing to make an offer within two months of a bid to take over shares in The President’s Club, a timeshare villa scheme at the resort.
Mr Palmer has been charged with aiding, abetting or counselling the commission of the offence.
Despite Mr Palmer and his entities being embroiled at the centre of a number of civil law suits, this is the first time criminal charges have been laid against the mining magnate and his businesses.
The offences carry a maximum of two years in jail and a fine of $ 11,000 for an individual and fines of $ 55,000 for a corporation.
ASIC will allege that in April, 2012, Palmer Leisure Coolum lodged a bid for all shares belonging to The President’s Club, a timeshare scheme at the Palmer Coolum Resort, but failed to offer securities for the bid within the two- month deadline required by law.
Mr Palmer yesterday slammed the charges as being “doomed to fail” and a “witch hunt” designed to destroy his political aspirations.
“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,” he 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 case was briefly mentioned in Brisbane Magistrates Court yesterday morning where barrister for Mr Palmer, Chris Wilson, told the court he would make a no case to answer submission when the charges returned to court in June. Mr Palmer said he had sought advice from Tony Hartnell, the founding chairman of ASIC from 1989 to 1992, who confirmed that in his opinion, “the charges against PLC and Mr Palmer are doomed to fail”.
“The above matters evince that the prosecution of PLC and Mr Palmer should be permanently stayed as an abuse of process on the ground that it is so obviously hopeless that it has no prospect whatsoever of success,” Mr Hartnell said in a letter to Mr Palmer’s lawyer.