Palmer in court over $12 million fund

CLIVE Palmer has been accused of forging a document to cover up $12 million he allegedly misappropriated.

Two Chinese government-owned companies, Sino Iron and Korean Steel, are suing the Fairfax MP over the money he allegedly funnelled from the fund for his own use.

The companies and Mr Palmer set up the fund, called Port Palmer Operations, for the maintenance and development of a project at Cape Preston in Western Australia.

On the first day of the trial in the Brisbane Supreme Court, the lawyer for the Chinese companies, Andrew Bell, said Mr Palmer created a "sham" document in April or May this year and backdated it to June 2013.

Mr Bell said the Palmer United Party leader made a $2 million direct payment from the administration fund to Media Circus, which ran his party's advertising during the 2013 campaign.

He said Mr Palmer transferred even more money to Cosmo Development from the fund on the day he created the Cosmo Development account.

The money from Cosmo Development was then transferred to Mr Palmer's political party, Mr Bell said.

He told the court there would be no evidence from Mr Palmer and no explanations for the document or the payments.

Mr Palmer's lawyer, Simon Couper, conceded if there was a trust and Mr Palmer had knowledge of it, and breached it, then the companies did not need to prove the breach was fraudulent.

He admitted there was a lack of evidence to support Mr Palmer's denial.

The trial before Justice David Jackson is expected to continue for two more days.

- APN NEWSDESK


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