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21-223MR Federal Court dismisses Mineralogy’s claim against ASIC
The Federal Court has set aside, with costs, an application brought by Mineralogy Pty Ltd (Mineralogy) against ASIC regarding Mineralogy’s audited accounts for the year ending 30 June 2014.
Mineralogy, of which Clive Palmer is a director, asked the Court to declare its 2014 accounts to be a true and fair view of Mineralogy’s financial position and that Mineralogy had complied with its obligations under the Corporations Act regarding the preparation and lodgement of accounts.
The 2014 accounts contain a statement that Clive Palmer acted honestly in causing Mineralogy to make two payments totalling $12,167,065. Those payments are the subject of a current criminal prosecution against Mr Palmer (20-163MR), with the 2014 accounts lodged with ASIC after the charges were laid.
In making his decision, Justice Wigney found the Court did not have jurisdiction to entertain Mineralogy’s claim or grant the relief it sought and, even if it did have jurisdiction, Mineralogy had no reasonable prospect of successfully prosecuting the proceeding.
His Honour also found that Mineralogy’s attempt to ‘conjure up a justiciable controversy’ under the Corporations Act was ‘entirely contrived and artificial’.
Mineralogy’s application has now been set aside. Mr Palmer's criminal charges are next in court on 17 September 2021.