The Supreme Court in Brisbane has begun hearing a civil case against federal MP Clive Palmer for allegedly misappropriating $12 million from two Chinese-owned mining companies.
Sino Iron and Korean Steel, subsidiaries of Citic Limited, claim the money was taken from a bank account last September and used to fund advertising for the Palmer United Party during last year’s federal election.
The companies says the money was held in trust and earmarked for managing a West Australian port for the Chinese iron ore mining operations.
Police in Western Australia yesterday confirmed its fraud squad was examining the allegations.
Mr Palmer has denied any wrong doing.
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The civil trial in the Brisbane Supreme Court is set down for three days.
