Mining magnate Clive Palmer is facing charges of fraud and breaches of directors’ duties over multimillion-dollar fund transfers in 2013.

The matter was mentioned in the Brisbane Magistrates Court today (July 17) and adjourned until August 28. 

The charges against the Queensland Nickel refinery owner follow an Australian Securities and Investments Commission investigation.

ASIC alleges that Palmer dishonestly obtained a benefit or advantage for Cosmo Developments and/or the Palmer United Party and others in 2013 by authorising the transfer of $10 million contrary to the purpose for which the funds were being held.

ASIC also alleges that he dishonestly obtained a benefit or advantage for Media Circus Network and/or PUP around the same time by authorising the transfer of $2.167 million contrary to the purpose for which the funds were being held.

It is alleged that he dishonestly used his position as a director of  Mineralogy in obtaining that advantage in both cases.

Palmer, 66 of Broadbeach Waters in Queensland, has been charged with two counts of contravening section 184(2)(a) of the Corporations Act 2001 (Act) – dishonest use of position as a director and two counts of contravening section 408C(1)(d) of the Criminal Code Act 1899 (Qld) – fraud by dishonestly gaining a benefit or advantage.

But Mr Palmer has accused ASIC of misleading the public, saying it had reissued an old statement over the charges when the matter had been adjourned at the request of the prosecution to consider a submission to have ASIC charges withdrawn.

“I am not concerned about these charges as they are simply made up,’’ Mr Palmer said.

Mr Palmer said this matter had already been heard by Justice Jackson in the Queensland Supreme Court, which ruled in his favour in May 2015.

The maximum penalty for an offence under section 184(2) of the Act is $340,000 or imprisonment for five years, or both.

The maximum penalty for an offence under section 408C of the Code is five years’ imprisonment.  However, if circumstances of aggravation are established the maximum penalty at the time the offences are alleged to have occurred is increased to 12 years’ imprisonment.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.