Clive Palmer stepping away from Australian politics

Clive Palmer arrives to speak to journalists at a press conference at Parliament House in Canberra, May 4, 2016. [Photo/Agencies]

SYDNEY -- Flamboyant Australian businessman turned political figure Clive Palmer has given up on political life after announcing he won't run for a senate seat at the upcoming election.

Palmer on Monday said he had not sought endorsement from his political party the Palmer United Party (PUP), seemingly putting an end to his - albeit short - political career after ruling out running for re-election in Australia's House of Representatives earlier this month due to poor polling.

"There are some excellent people who have nominated to be endorsed to stand for the Palmer United Party in the Senate in Queensland and I am confident the party will continue to play a significant role in Australian political life," Palmer said in a statement. Palmer had won his seat in Queensland state by just 53 votes at the 2013 Australian federal election.

The embattled politician has been the center of controversy since January 2016 after his nickel refinery in northern Queensland state was placed into voluntary administration.

Queensland Nickel administrators FTI Consulting placed the company into liquidation, and found the company may have traded while insolvent and alleged Palmer acted as a shadow director, breaching Australian consumer laws.

If proven, Palmer could be liable for debts in excess of 100 million Australian dollars (76.38 million US dollars) accrued before QNI was placed into voluntary administration on Jan 16.

Palmer is also set to front a Federal Court as early as June as his business dealings begin to be examined.

A draft summons provided to local media late last week shows Palmer will be forced to produce documents detailing political donations, loans to other companies in his empire that were forgiven, and even communications between himself and his father-in-law.

FTI consulting is also seeking all documents relating to the purchase of 60 vintage cars by QN that were then transferred to Palmer's Coolum Resort on Queensland state's sunshine coast.