Palmer’s push to have fraud charges discontinued
Mining magnate Clive Palmer will push to have his fraud and corporate misconduct charges discontinued, a Brisbane court has heard.
The billionaire has been charged by the corporate watchdog with two counts of fraud and two counts of dishonest use of his position as a company director.
Mr Palmer's matters were mentioned in the Brisbane Magistrates Court this morning.
Mr Palmer did not appear in person.
His barrister Chris Wilson, instructed by Alexander Law, said he had made submissions to prosecutors to discontinue the proceedings.
"That is still being considered and is with counsel, as I understand it, for the Commonwealth," he said.
Mr Palmer faces up to five years in jail if found guilty.
The Australian Securities and Investments Commission alleges that between August 5, 2013, and September 5, 2013, Mr Palmer dishonestly obtained a benefit or advantage for Cosmo Developments Pty Ltd and/or the Palmer United Party.
It is alleged Mr Palmer authorised the transfer of $10 million contrary to the purpose for which the funds were being held.
It also alleges that, between August and September in 2013, he dishonestly obtained a benefit or advantage for Media Circus Network Pty Ltd and/or PUP by authorising the transfer of $2,167,065.60.
The matter was adjourned until November 27.
Originally published as Palmer's push to have fraud charges discontinued