Palmer attacks ASIC, will defend charges
QUEENSLAND mining magnate Clive Palmer would vigorously defend all charges brought against him by the corporate watchdog and has lashed out at aspects of its own performance as identified through the Australian Banking Royal Commission.
He has accused the Australian Securities and Investments Commission of trying to win cases on publicity.
ASIC Commissioner John Price told a parliamentary hearing last week 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 was due to appear in court in Brisbane on March 20.
"The ASIC summons relates to two payments that were paid by Mineralogy from its own account with its own money approved by its sole director and its sole beneficial shareholder, me," Mr Price said.
"There is no claim in the ASIC summons that anyone was deprived of any money and there is no alleged victim. The only victim is the truth. The ASIC summons has no basis in law and will be shown to be an embarrassment to Australian justice."
In Brisbane on Sunday Mr Palmer described the ASIC summons as part of what he called the regulator's ongoing attempts to cover up its failures in not acting against the Australian banks involved in ripping off ordinary Australians.
"All Australians know that it was ASIC that failed to carry out its functions that allowed the banks to destroy the lives of so many Australian families,'' Mr Palmer said.
"While the chairmen and CEOs of the banks resigned, ASIC'S chairman and his commissioners are still there being funded by the Australian taxpayer.
"ASIC has a track record of bringing high profile people before the court on baseless matters only to lose as they did with Andrew Forrest. Rather than properly carry out its function, it targets high profile people to cover up its own failures."
Mr Palmer said revelations of the ASIC summons had come after the High Court of Australia refused to grant leave to Citic to appeal against judgments that have been made in the Supreme Court of Western Australia and the Western Australian Court of Appeal against Citic for their failures to pay Mineralogy hundreds of millions of dollars of royalty since 2013.