Aiding and abetting charge against Clive Palmer dropped

Summarised from 2 outlets · Updated 2 Nov, 02:32 · Archive

A personal charge against mining magnate Clive Palmer over takeover law breaches has been withdrawn after nearly a decade.

A charge alleging mining magnate Clive Palmer breached takeover laws has been dropped after his company Palmer Leisure Coolum pleaded guilty and was fined $10,000. The charge related to a proposed buyout of timeshare investors, known as The President's Club, at the former Hyatt Regency Coolum golf resort on Queensland's Sunshine Coast. Palmer Leisure Coolum allegedly offered to buy out the investors but failed to make an offer for the securities within the required two-month period, the corporate watchdog alleged in 2018.

After a legal battle lasting nearly a decade, Palmer Leisure Coolum pleaded guilty in June and was fined on October 27. A Commonwealth prosecutor told a Brisbane magistrate on Monday it would not proceed with the personal charge against Palmer, and the charge was withdrawn. When fined, Palmer Leisure Coolum accused the government of wasting millions of taxpayer dollars in legal fees over the years.

Palmer remains involved in a separate legal dispute with the corporate watchdog. In 2020, the Australian Securities and Investments Commission hit Palmer with multiple charges, including fraud, over a $12 million transfer between his company Mineralogy and the now-defunct Palmer United Party. The commission alleges Palmer illegally authorised the transfer to fund his party's federal election campaign in 2013. On September 7, Palmer argued the case breached his human rights, claiming he was being charged for his political beliefs. That case has been adjourned.

How it is being reported

• Aiding and abetting charge against Clive Palmer droppedA personal charge of aiding and abetting has been dropped in a case against mining magnate Clive Palmer.Perth Now · 2 Nov, 02:06
• Aiding and abetting charge against Clive Palmer droppedA personal charge of aiding and abetting has been dropped in a case against mining magnate Clive Palmer.The West Australian · 2 Nov, 02:06

In this story: Clive Palmer · Palmer Leisure Coolum · Australian Securities and Investments Commission · Queensland · Sunshine Coast

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