The Australian Securities and Investments Commission (ASIC) commissioner John Price told a joint parliamentary committee on Friday that Palmer had recently been charged with four offences relating to alleged conduct in 2013.

"Mr Palmer has been charged with two counts of contravening section 408C(1d) of the Criminal Code of Queensland by dishonestly gaining a benefit or advantage, pecuniary or otherwise, for another person," Mr Price told the committee.

"And two counts of contravening s184 of section 2 of the Corporations Act by dishonestly using his position of a director of a corporation with the intention of directly or indirectly gaining an advantage from someone else."

Each of the two fraud charges carries a maximum penalty of five years jail

Mr Price did not say what company or event the charges are related to.

The reference to 2013 suggests the charges are likely to relate to Palmer's business dealings in Western Australia, rather than his collapsed Queensland Nickel refinery.

"These charges are just ridiculous," a spokesman for Palmer's flagship company Mineralogy told AAP.

The spokesman said Palmer is looking forward to suing ASIC Commissioner John Price for damages.

He said Mr Price is pursuing a vindictive case against a person of notoriety.

"We look forward to seeing Mr Price in court when doesn't have the protection of parliamentary privilege."

Palmer is due to appear before Brisbane Magistrates Court on March 20.

Australian Associated Press