Palmer to sue the former ASIC Chairman James Shipton

Clive Palmer has announced he will be taking legal action against James Shipton over serious breaches of duty while he was Chairman of ASIC.

The announcement follows revelations in the Magistrates Court Brisbane that ASIC acted at the request of commercial companies to charge Mr Palmer with offences for the express purpose of placing pressure on Mr Palmer to pay more money to a private company whose directors had close links with an ASIC commissioner to whom such requests were made.

“ASIC acted to assist a commercial company’s purpose and not a public purpose with the full knowledge of James Shipton,” Mr Palmer said.

Mr Palmer said the court provided evidence which consisted of written internal documents of ASIC and its collusion with a commercial company and their directors to pressure him to pay that company more money and to use the charges as threats to extort money from him and his companies.

“This matter was brought to the attention of James Shipton at the time and despite, as we now know, having evidence of improper and criminal activity inside ASIC, Shipton breached the ASIC act, acted in bad faith and acted for an improper purpose and beyond his power, and in breach of his duty as Chairman of ASIC,” Mr Palmer said.

“Once investigations are complete, proceedings will commence in the Federal Court of Australia seeking inter alia damages from Shipton.

“No stone will be left unturned to bring the truth of the disgraceful and criminal actions of ASIC at Shipton’s direction, not just against me but others as the recent decision in the Magistrates Court confirmed that ASIC charged an individual without carrying out any investigations.

“It is time to root out lawyers that fail to fulfil their duties to the court. It is time to root out public servants who use public money to advantage their mates,” Mr Palmer said.