National

Clive Palmer hit with criminal charges

By AAP Newswire

Clive Palmer is fighting criminal charges laid by the corporate watchdog over the attempted takeover of villas at his troubled Sunshine Coast resort.

The former federal politician is facing one charge of aid, abet, counsel or procure the commission of an offence by another person.

The Australian Securities and Investments Commission alleges Mr Palmer in 2012 proposed to take over the shares of another company that owned villas at his Coolum resort.

Under corporations law he was required to make an offer within two months of announcing his intentions but failed to do so, ASIC said on Friday.

During a brief mention at Brisbane Magistrates Court on Friday, for which Mr Palmer did not appear, his lawyer Christopher Wilson said they would be arguing there was no case to answer when the matter goes to a hearing in June.

Mr Palmer has also applied to the Supreme Court for the charges to be permanently stayed and that is expected to come before the court in April 19.

Palmer Leisure Coolum Pty Ltd has also been charged with proposing or announcing a bid then failing to make an offer within two months.

"The charges carry a maximum penalty of two years' imprisonment and fine of $11,000 for an individual, and fines of $55,000 in respect of a corporation," ASIC said.

The June hearing is expected to run for one hour and Mr Palmer is set to appear.