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ASIC charges Clive Palmer over Coolum resort villa takeover bid

ASIC charges Clive Palmer over Coolum resort villa takeover bid
April 6, 2018

Entrepreneur and former Federal MP Clive Palmer has been charged over an alleged corporate breach, uncovered in an investigation by the business watchdog ASIC.

Brisbane Magistrates Court heard Palmer faces charges of aiding, abetting or counselling the commission of an offence by another person.

The court heard the criminal charges were in relation to conduct by one of his companies, Palmer Leisure Coolum (PLC, previously known as Queensland North Australia).

Palmer's barrister Chris Wilson told Magistrate Mark Howden that he would likely call for the charges to be thrown out when the case returned to court on 13th June.

Palmer will remain on bail in the meantime.

In a statement, ASIC said the charges related to the proposed takeover of timeshare villas at the former Hyatt Regency Coolum Golf Resort in 2012.

ASIC said Palmer Leisure Coolum breached the Corporations Act by publicly proposing a takeover bid for the company operating the timeshare scheme, but failing to follow through with an offer within two months.

The charges carry a maximum penalty of two years' jail, an $11,000 fine for individuals, and a $55,000 fine for a corporation.

Palmer - who recently announced the Palmer United Party would make a political comeback - said the charges were "doomed to fail".

In a statement, he advised “the charges relate to matters that are alleged to have happened nearly six years ago in respect of an offer by one my companies to buy around $4,000 of shares.

"The charges are an attempt to try to make me ineligible to stand for Parliament and they won't succeed.

"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 threatened to take legal action against those at ASIC who laid charges against him.

He added "all Australians have witnessed the political witch hunt carried out by successive governments against those who dare to express their opinion. I am not deterred by today's actions.”

Hours after Palmer's lawyers were in court on Friday he posted on Twitter about Australian slang.

In December, he came under fire from a Federal Court judge for a seemingly facetious tweet made during an unrelated case.

Palmer purchased the former Hyatt Regency Coolum, the then home of the Australian PGA Championship golf tournament, in 2011. He then announced plans to extend the upmarket resort with a theme park before adding dinosaur replica models across the resort and adding his vintage car collection.

The site, once considered one of south-east Queensland's most prestigious resorts, is a shadow of its former self and is in the centre of a legal battle between Palmer and retirees who own villa shares.

Several residents complained when the now-defunct dinosaur park was created, due to roaring noises coming from the large models which were constructed metres from their apartments.

The star attraction, a tyrannosaurus rex named Jeff, was destroyed in a fire in 2015.

Images: Clive Palmer (top, courtesy Today Show, YouTube Channel) and Jeff, the former dinosaur at the Palmer Resort Coolum (below).

18th March 2015 - PALMER COOLUM RESORT SACKS STAFF AND CLOSES ACCOMMODATION FACILITIES FOR RENOVATIONS

22nd December 2013 - CLIVE PALMER OPENS DINOSAUR ATTRACTION ON THE SUNSHINE COAST 

26th July 2013 - CLIVE PALMER GETS GO-AHEAD TO BUILD SUNSHINE COAST DINOSAUR PARK 

28th February 2013 - BILLIONAIRE PALMER UNVEILS PLANS TO REBUILD THE TITANIC

28th February 2013 - GOLD COAST NEW HOME OF THE PGA CHAMPIONSHIP


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Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

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