Clive Palmer is taking timeshare holders at his mothballed Coolum resort to court
Clive Palmer is taking timeshare holders at his mothballed Coolum resort to court, claiming they have breached corporation law and failed to properly recognise his shares.
The mother-in-law of state Opposition Leader Deb Frecklington, Maree Frecklington, is among board members representing timeshare holders and claims the court action is a bid to “terrify” the elderly shareholders whose investment has been impacted by Mr Palmer’s extended closing of the Sunshine Coast resort.
In April, the corporate watchdog charged Mr Palmer and his company Palmer Leisure Coolum with breaching takeover law arising from a proposed takeover of the President’s Club Ltd — the name given to the body that oversees the timeshare holdings of the resort’s villas.
Mr Palmer allegedly failed to make an offer within two months of announcing his takeover bid, a breach of corporation law.
He claims the charges are politically motivated.
In a claim filed in the Queensland Supreme Court this week, Mr Palmer said the President’s Club was in breach of the Corporations Act because its register of members was not up to date.
Once one of Queensland’s premier resorts, the site, famous for its giant dinosaur statues, has been at the centre of a legal battle between Mr Palmer and the retirees who own villa shares since it was “temporarily closed” in 2015.
The resort’s golf course. which once hosted the Australian PGA championship, remains open.
In court documents, Mr Palmer said 104 shares registered in the name of his company Coeur De Lion Investments should be in his name and has asked the court to order the board of the President’s Club to correct the record. He has also sought for the board members to pay his legal costs.
Melbourne-based President’s Club board member Ian Lewis said the transfer of shares was not registered by the secretary for an unknown reason.
“It’s as simple as us registering the transfer and it will all be finished,” he said, adding that Mr Palmer’s filing was a waste of the court’s time. “Ninety-nine per cent of our members want him (Mr Palmer) to open the resort and to operate the resort.
“They bought into the resort to enjoy it and he closed it without notice. He’s constantly fighting with us.”
Maree Frecklington regularly stays at her villa, in which she purchased a share in 2004, despite it having no running water or electricity.
She told The Australian she believed Mr Palmer was using the court action to antagonise the elderly shareholders who refused to move out.
“We shouldn’t be bullied like that, not at our age,” she said.
“People are forgetting there were 600 jobs lost at the resort when it closed.
“He terrifies all us old people with court action.
“He’s nothing more than a bully.”
Mr Palmer refused to speak to The Australian last night.