When Clive Palmer hosted an extravagant party in New York three years ago to promote his fantastical plans for building a replica of the Titanic, he scoffed at those who suggested his business idea, and possibly the ship, might end under water. "Anything will sink if you put a hole in it," he said at the time.

Well, there is no ship and Mr Palmer has been busy drilling holes into quite a few things. Take Queensland Nickel, the Townsville-based refinery that administrators say funded the Titanic frolic, bankrolled the political careers of Mr Palmer and some sidekicks, and deposited tens of millions of dollars into his businesses. There are so many holes in this company that it is a wonder it lasted so long.

It leaked money like a sieve. The administrators allege Mr Palmer tapped Queensland Nickel for more than $200 million – funds that ended up with Mr Palmer, his other businesses or his associates.

The allegations depict shockingly devious, woefully negligent and stunningly self-aggrandising corporate behaviour on the part of Mr Palmer, who may face civil and criminal charges over his reckless management of Queensland Nickel.

Mr Palmer's chaotic personal manner was well known. Evidence of his problematic business dealings comes as no surprise. The scale of it and the brazen nature of his conduct is reason to ask why no one intervened earlier. We urge the Australian Securities and Investments Commission to investigate immediately, to leave no stone unturned (for once) and, as appropriate, to prosecute with the full force of the law.