Clive Palmer charged over breaches of takeover law

Notorious Queensland businessman and ex-politician Clive Palmer has been charged with breaching takeover law.

Following an ASIC investigation, Palmer, 63, and his company Palmer Leisure Coolum (PLC), has been charged with breaching takeover law arising from a proposed takeover of The Presidents Club (TPC).

ASIC alleges that in April 2012 PLC publically proposed to make a takeover bid for securities in TPC but subsequently did not make an offer for those securities within two months, as required under the Corporations Act.

TPC operated a time share scheme at a property known as Hyatt Regency Coolum, now known as Palmer Coolum Resort.

As a result, PLC has been charged with contravening the Act for aiding, abetting, counselling or procuring the company to commit that offence.

The charge carries a maximum penalty of two years’ jail and a fine of $11,000 for an individual, and fines of $55,000 for a corporation.

The matter has been listed for a pre-trial hearing before the Brisbane Magistrates’ Court on 13 June 2018. Read more

David Simmons – Business News Australia – 6 Apr 2018