Businessman says charges are politically motivated and vows to defend them vigorously

This article is more than 2 years old

This article is more than 2 years old

Clive Palmer has said criminal charges brought against him by the corporate watchdog are baseless, politically motivated and will fail.

The Australian Securities and Investments Commission has charged the former federal politician with one count of aiding, abetting, counseling or procuring the commission of an offence by another person.

It relates to the unfulfilled 2012 proposal to buy shares of another company that owned properties at his troubled Coolum resort.

Under corporations law he was required to make an offer within two months of announcing his intentions but failed to do so, ASIC said on Friday.

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Palmer Leisure Coolum Pty Ltd has also been charged with proposing or announcing a bid then failing to make an offer within two months.

“The charges carry a maximum penalty of two years imprisonment and fine of $11,000 for an individual and fines of $55,000 in respect of a corporation,” Asic said.

During a brief mention in Brisbane magistrates court on Friday, for which Palmer did not appear, his lawyer Christopher Wilson said he would argue there was no case to answer when the matter went to a hearing in June.

Palmer has also applied to the supreme court for the charges to be permanently stayed and that is expected to go before the court on 19 April.

The businessman said the charges related to an offer to buy about $4,000 worth of shares.

He said he would vigorously defend the charges, which he claimed were laid for political reasons.

“The charges are an attempt to try to make me ineligible to stand for parliament and they won’t succeed,” he said in a statement on Friday.

“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.”

Palmer was unfazed by the latest legal action brought against him.

“The charges have no merit and I will bring to account the individuals undermining the judicial system,” he said.

Palmer is set to appear at the June hearing.