I have emailed the letter below to Mr Greg Yanco, the CEO of ASIC.
Gilbert+Tobin have, on numerous occasions, been requested to pass on information about this matter to Mr Justice Black’s through the Justice’s Associate. On not one occasion was I told that this was done.
ASIC has long had before it the question of the legality of the Genex Power Ltd / JPGA Partners Pty takeover transaction. As stated in my letter, Assistant Treasurer, the Hon Stephen Jones, the officer in the Parliamentary body of Government responsible for ASIC, requested ASIC to consider the issue I have raised. The outcome of ASIC’s consideration remains a mystery as neither ASIC or the ministers responsible for the Northern Australia Infrastructure Facility Act 2016 have written to me to say what I have alleged is not correct; (let alone explain why that might be the case).
While the legality of the transaction was being challenged, ASIC allowed the ASX to not direct Genex Power Ltd to make an ASX Announcement that the transfer of the $610 million NAIF loan the company had received to JPGA Partners Pty Ltd was being, through ASIC, questioned.
What is meant to be a procedural Second Court Hearing, beginning at 9.15 am tomorrow, to ratify what emerged from the Scheme Meeting on 16 July 2024, should now also address the outstanding issue; the need for an assurance, from the Parliamentary and Executive bodies of Government the proposed dealing with the $610 million NAIF loan is both legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.”
Until such assurance is provided/given by ASIC and/or the ministers responsible for the Northern Australia Infrastructure Facility Act 2016 a stay order seems appropriate?
The court transcript will eventually reveal how this matter was dealt with by the Judicial body and what steps, if any, were taken by ASIC and the Parliamentary bodies to have the Judiciary comprehensively examined the issue.
The letter to Mr Greg Yanco, CEO, ASIC:-
Mr GregYanco
CEO
ASIC
Dear Mr Yanco
As you know I wrote yesterday to my local member, Dr Andrew Leigh MP, warning him that his colleague, Senator Katy Gallagher, the Minister for Finance, was about, (with her colleague, Minister for Northern Australia, The Hon Madeleine King), to condone possible corruption involving a significant amount of Commonwealth Government funds.
In my concluding paragraph I said:-
“I have not been able to obtain from ASIC an assurance that the proposed dealing with the $610 million NAIF loan is both legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.”
I should also have included a paragraph saying:-
“I have not been able to obtain, from either of the ministers responsible for the Northern Australia Infrastructure Facility Act 2016, Ministers King and Gallagher, an assurance that the proposed dealing with the $610 million NAIF loan is both legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.”
In other words two of the three bodies of Government created by the Constitution, the Parliament, the Executive and the Judiciary are, the evidence suggests, quite possibly, in the process of condoning corruption.
The situation now is that the Parliament and the Executive appear to be condoning corruption by failing to provide evidence that the proposed transfer of the $610 million taxpayer funded concessional loan to the foreign owned and controlled JPGA Partners Pty Ltd is legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.
It is reasonable to say you, (ASIC), represent the Executive and Ministers King and Gallagher, as the ministers with ultimate responsibility for the Northern Australia Infrastructure Facility Act 2016 represent the Parliament.
Tomorrow, the third body created by the constitution, the Judiciary, may or may not, whether asked or not, consider whether it is appropriate for the Genex Power Ltd and JPGA Partners Pty Ltd takeover transaction to proceed when the other two bodies of Government seemingly have not made appropriate public statements. Statements, supported by considered legal opinion(s) from, the Solicitor-General or the Australian Government Solicitor, or both, that the transaction is both legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.
You have refused to reveal if ASIC will be a party to tomorrow's judicial hearing. I have not heard from the responsible ministers other than being told that Minister Gallagher and Assistant Treasurer Jones have asked for the matter to be “considered” by ASIC.
I received advice on 17 June, from the Parliamentary, Governance and Strategy Branch, Department of Finance which said “As the issues raised in your correspondence fall within the responsibilities of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, your correspondence has been referred to the Australian Securities and Investments Commission for consideration.” In other words the Parliamentary and Executive bodies of Government were jointly considering the issue I had raised with both of them, (separately).
Despite the above advice I have not received advice from either that what I have claimed is incorrect.
This situation, (failure to receive advice contrary to what I claimed), seems to very much justify my reporting of it to the National Anti-Crime Commission, (NACC). The Executive, (ASIC) and the Parliament, (the ministers jointly responsible for the Northern Australia Infrastructure Facility Act 2016), have neither said or done anything to suggest I was wrong to alert the NACC.
I think you will agree, it will indeed be interesting to read the transcript of tomorrow's proceedings before Mr Justice Black?
I have copied this letter to Dr Leigh and Senator O’Neill. They can do what I have no chance to do, communicate with Ministers King and Gallagher.
I have also copied this letter to the CIDExective at the Department of Finance, the AFP, the NACC, (Inspector), and Sarah McPhee, the SMH Court Reporter.
I have also posted the letter on HotCopper. There now exists a substantial record, in a public place, of the correspondence which has been generated in the course of questioning the legality of the transaction which hopefully will be examined tomorrow by Mr Justice Black.
Yours sincerely
Howard Patrick
18 July 2024
