The Brisbane Supreme Court will hear the closing arguments in a breach of trust case against Clive Palmer on Thursday.
Two subsidiaries of Chinese-owned CITIC launched legal action against the mining magnate and federal MP earlier this year, claiming he funnelled their money into his political party instead of spending it on port services at the Palmer-controlled Cape Preston iron ore site in Western Australia's Pilbara region.
Mr Palmer did not appear in court for opening statements and legal argument on Wednesday, but described the hearing as a "beat up" and a "witchhunt".
CITIC paid $13.47 million into a Mineralogy-owned administrative fund designed to be used for port services in 2013.
The company claims Mr Palmer knew he was in breach of trust when he allegedly funnelled $6 million to the Palmer United Party through another Palmer company, Cosmo Developments.
The court heard another $4 million was paid to Media Circus - the company that ran the PUP's 2013 federal election campaign.
Just over half of the amount was paid directly from the administrative fund, bypassing Cosmo altogether.
Barrister acting for the plaintiff, Andrew Bell SC, told the court Mr Palmer created a Port Management Services Agreement to justify an apparent deal to pay $12 million to another Palmer-owned company, Queensland Nickel, to manage port services at Cape Preston.
He said Mr Palmer's absence from the hearing left many questions unanswered.
"You'll hear no explanation as to why in April or May of this year, Mr Palmer created and backdated a document to the first of June, 2013," he told the court.
"You'll hear no explanation why he no longer relies on that agreement in his defence… [and] no evidence from Mr Palmer, in defence of the allegation, that this document, of which he was the sole signatory and author, was a sham."
"..You'll hear no explanation for why in late July 2013, he removed his two co-signatories from Mineralogy's administrative fund banking account for the port of Cape Preston… leaving himself as the sole signatory of that account.
"You'll hear no explanations of why he opened an account in early August for a hitherto dormant company Cosmo Developments… for which he is sole signatory.
"You'll hear no explanation as to why only days later he transferred $10 million from that [administrative account] to the Cosmo account.
"Nor will you hear an explanation for why on the same day…$6 million was drawn in favour of the Palmer United Party [or] why it was funnelled through the Cosmo account."
Mr Bell said documents presented to court showed Mineralogy's CEO of Cape Preston Port Operations, Paul Robinson, did not know about the transactions until months later, and had not budgeted for the $12.167 million Mr Palmer allegedly withdrew.
Mr Palmer's lawyers will cross-examine one of CITIC's lawyers on Thursday, before Mr Bell begins his closing statements.
Justice David Jackson will make findings on the case, but will not issue orders until considering at a later date whether Mr Palmer's lawyers can use an "unclean hands" defence.
