Cungi, Skip Capital, (Kim Jacksonand Scott Farquhar), along with two schemers, former Macquarie Bank bankers,(Stonepeak Partners LLC), know what you have very wisely and succinctly pointedout about the possible future of Genex Power Ltd.
They formed the view that the Jackson/Farquhar "Consortium" shouldorchestrate a takeover and thereby secure the substantial benefits of the$610 million NAIF, taxpayer funded, concessional loan for their Skip Capital.
Jackson and Farquhar,(a marital couple), hoped Part 3 Section 9 (4) (b) ofthe Northern Australia Infrastructure Facility Act 2016 would be overlookedby the Board and Management of both NAIF and Genex PowerLtd. In that they were initially successful. For a time, theresponsible Minister, Minister Madeleine King, Minister for Northern Australiahad the wool pulled over her eyes by NAIF and the Department responsible for briefingher. Minister King is now very much aware of the “Consortium’s"plot. Part 3 Section 9 (4) (b) says NAIF funds are not to bedirected to an individual:-
Northern Australia Infrastructure Facility Act 2016 - Sect 9
Investment Mandate
(1) The Minister must, by legislative instrument, give directions to theFacility about the performance of the Facility's functions.
(2)The directions are the Investment Mandate.
(3)In performing its functions, the Facility must take all reasonable steps tocomply with the Investment Mandate.
Limit of Investment Mandate
(4) the Investment Mandate must not direct, or have the effect ofdirecting, the Facility to provide financial assistance:
(a) for a construction of particular infrastructure; or
(b) inrelation to a particular person.
Minister King has a problem toresolve; especially since it seems NAIF has not sought and/or obtained alegal opinion from the Attorney-General.
Rather than try to continue with the "Consortiums"deceptive takeover, Kim Jackson and Scott Farquhar could use their cashswollen Skip Capital to participate in the funding of one or more of theproposed wind farm, (K3W), the additional solar farm, (K2S) and the Bulli Creekbattery, (BCP). By doing this they could improve the prospects forthemselves and the other 80.01% of Genex Power Ltdshareholders while enhancing their Skip Capital portfolio of Renewable Energyenterprises.
Independent consultants would need to be engaged in such development fundinggiven the cloud now hanging over the trust to be afforded the Genex Board andManagement. There seems to be good reason to believe Genex managementstood to gain from a privatised Genex Power Ltd?
An ASXMisconduct Issuer is on the case confronting GNX.
ASIC is investigating.
(20min delay)