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Billionaire Clive Palmer CHARGED With Fraud

Billionaire Clive Palmer CHARGED With Fraud
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After an ASIC investigation, Billionaire Clive Palmer was charged with two counts of fraud and two counts of fraudulent use of post as a director.

If convicted, the charges carry a maximum penalty of $340,000 or a term of five years in prison.

They relate to the transfer of over $12 million from a fund formed to operate a West Australian port.

In 2013, the suspected offenses took place, Palmer was elected to parliament.

Allegedly the money was passed to Palmer United Party or other Palmer-run businesses.

It further claims that “Palmer dishonestly used his position as a director of Mineralogy Pty Ltd, a mining company owned by him, in obtaining that advantage”.

“ASIC also alleges that Palmer dishonestly obtained a benefit or advantage for Media Circus Network Pty Ltd and /or the Palmer United Party by authorising the transfer of $2,167,065.60 contrary to the purpose for which the funds were being held.”

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