Clive Palmer’s failed court bid
THE corporate watchdog will continue to pursue criminal action against Clive Palmer after lawyers for the mining magnate failed to have his case dismissed.
Lawyers for Mr Palmer and his company Palmer Leisure Coolum applied for a magistrate to rule there was no case to answer on charges brought by the Australian Securities and Investment Commission earlier this year.
Mr Palmer is charged with allegedly aiding, abetting or counselling his company Palmer Leisure Coolum to breach the Corporations Act by failing to make an offer for securities in a company after announcing a takeover bid in June 2012.
The takeover related to a villa timeshare scheme, The Presidents Club, located at his Coolum Golf Resort and Spa.
But Mr Palmer's lawyers said under the legislation, a time share was not classified as a security and therefore there was "no case to answer based really on an undisputed fact".
But prosecutor Lincoln Crowley said the application by Palmer's legal team was "premature" and "putting the cart before the horse" and that the issue could be raised at a committal hearing.
Magistrate Wendy Cull dismissed the application and adjourned the case until September.
The court heard lawyers for Mr Palmer had also filed a separate claim to be heard at a later date, alleging there had been an abuse of process in relation to the charges.