Clive Palmer has been charged with criminal offences by the corporate watchdog ASIC in relation to his Sunshine Coast resort.
The watchdog alleges the millionaire businessman and his company Palmer Leisure Coolum breached takeover law.
The Australian Securities and Investments Commission claims Mr Palmer has been charged with breaching takeover law arising from a proposed takeover of The President's Club Ltd (TPC).
The former federal politician is facing one charge; to aid, abet, counsel or procure the commission of an offence by another person.
During a brief mention at Brisbane Magistrates Court on Friday, for which Mr Palmer did not appear, his lawyer Christopher Wilson said they would be arguing there was no case to answer when the matter goes to a hearing in June.
Palmer Leisure Coolum Pty Ltd has also been charged by ASIC with proposing or announcing a bid then failing to make an offer within two months.
The June hearing is expected to run for one hour and Mr Palmer is set to appear.
In a statement released on Friday ASIC alleged:
"ASIC alleges that in April 2012 PLC (Palmer Leisure Coolum) publicly proposed to make a takeover bid for securities in TPC (The President's Club) but subsequently did not make an offer for those securities within two months, as required under section 631(1) of the Corporations Act 2001. Mr Palmer, a director of Palmer Leisure Coolum, has been charged with contravening section 631(1) - through the operation of section 11.2 of the Criminal Code - for aiding, abetting, counselling or procuring the company to commit that offence."
The charges carry a maximum penalty of two years' imprisonment and fine of $11,000 for an individual, and fines of $55,000 in respect of a corporation.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
