Billionaire Queensland mining magnate Clive Palmer has been hit with fraud charges by corporate watchdog ASIC.
Billionaire Queensland mining magnate Clive Palmer has been hit with fraud charges by corporate watchdog ASIC.

Clive Palmer facing possible jail over fraud allegation

QUEENSLAND mining magnate Clive Palmer has been hit with fraud charges by the corporate watchdog.

Australian Securities and Investments Commission commissioner John Price revealed the charges at a parliamentary hearing this afternoon.

He said four charges had been laid against the billionaire, including dishonestly gaining an advantage and misusing his position as a company director.

"Mr Palmer has been charged with two counts of contravening section 408C subsection 1D of the Criminal Code of Queensland by dishonestly gaining a benefit or advantage, pecuniary or otherwise for another person," he said.

Section 408C of Queensland's criminal code relates to fraud.

Mr Price said he had also been charged with two counts of contravening section 184 subsection 2 of the Corporations Act by dishonestly using his position as a director of a corporation with the intention of directly or indirectly gaining an advantage for someone else.

Mr Palmer is due to appear in court in Brisbane on March 20.

The charges are understood not to relate to the collapse of Queensland Nickel in 2013. There is a separate investigation into that matter.

He was previously charged in 2018 over alleged failures to comply with takeover laws related to his Coolum resort on the Sunshine Coast.

Mr Palmer has denied those allegations.

The decision in a mammoth civil trial over allegations he allegedly acted as a shadow director of Queensland Nickel is pending.

Mr Palmer last year failed in his bid to win a Senate seat at the federal election with his Palmer United Party.


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