Palmer charged with fraud, directors’ breaches

Clive Palmer could face up to five years in jail after being charged with fraud and breaches of directors’ duties following an ASIC investigation.

Mr Palmer is alleged by ASIC to have dishonestly used his position as a director of Queensland-based mining company Mineralogy to obtain a benefit or advantage for his Palmer United Party.

Those offenses concern the transfer of more than $12 million from Mineralogy to Cosmo Developments and Media Circus Network between August and September 2013.

Mr Palmer won the Queensland seat of Fairfax at that year's federal election.

The maximum penalty for Mr Palmer if he is found guilty of dishonestly using his position as a director is a fine of $340,000 and five years’ imprisonment, while the maximum penalty if found guilty of fraud is five years’ imprisonment.

Mr Palmer reportedly told the Australian Financial Review this afternoon that he was not worried about the charges.