Businessman Clive Palmer has been charged with fraud and breaching his duty as a director.

The charges follow an investigation by the Australian Securities and Investments Commission (ASIC), who allege Mr Palmer obtained a benefit or advantage by authorising the transfer of at least $10 million between two companies and his political party in 2013.

If found guilty, Mr Palmer could face a fine of up to $340,000, or time in jail.

Sydney Morning Herald reporter Sarah Dankhert told Jim Wilson ASIC has leveled four charges against Mr Palmer, including two counts of fraud and two counts of dishonest conduct as a company director.

“They’re very serious charges, he can face a fine or up to five years in jail.

“However, if they find that these are aggravated offences, he can get up to 12 years in the clink.”

Ms Dankhert explained the charges were initially laid earlier this year but ASIC has now revealed more details.

“I am a bit surprised by the details, in part because… Clive would argue that this has already been the center of a civil matter previously.”

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