In a day or so all the dirty work of the Genex Board of Directors and JPGA Partner's, Mr Seshimo. will be buried with the de-listing of GNX.
A potentially very good Australian renewable energy company sold down the drain to satisfy the wants and desires of some individuals; the same individuals who wanted to have Genex sold out to Skip Capital in 2022
In case someone, like the ANOA or NACC, wants to better understand the skulduggery behind the takeover I am making this post. An academic researcher could used what went on as a case study in a broader extermination of corruption aided and abetted by ASIC.
It makes for concrete evidence of the utter incompetence of ASIC. Incompetence which resulted in King and Gallagher allowing $610 million of Australian Taxpayers funds being made available to a Japanese owned and controlled entity.
Senator Deboroah O’Neill
Dear Senator
Probably not but were you or are you surprised that two of your colleagues, the two ministers responsible for the Northern Australia Infrastructure Facility Act 2016, Ministers King and Gallagher, refused to address the following issue:-
“Can an assurance be given that the proposed dealing with the $610 million NAIF loan is both legal and in accordance with the Northern Australia Infrastructure Facility Act 2016.”
One person who would not be surprised is my local member, Dr Andrew Leigh, who back in 2022 was unwilling to even speak to Ministers Gallagher and King about the illegal bid by Skip Capital to take over Genex Power Ltd. I said the following to him, on 13 December 2022, when he decided the matter was of no interest or concern to him:-
Hi Andrew
Obviously not an electorate matter but I am surprised you are not willing or prepared to raise Part 9 Section 3 (b) (4) of the NAIF Act 2016 Ministers King and Gallagher.
I gather you are content to see potential breaches of Commonwealth law without requesting your colleagues to have NAIF obtain an opinion from the Solicitor-General?
You know there are few votes in a matter like this one; probably a lot more risk of the ALP getting less donations from aggrieved billionaires?
I will keep you posted on how your colleagues deal with NAIF's transgressions.
Howard Patrick
Nothing much has changed with the JPGA Partners deal. Genex and Gilbert+Tobin, together with NAIF, stitched up another deal. All three knew just how underfunded and incompetent ASIC is. ASIC could and was walked all over.
Both NAIF and ASIC pushed on without obtaining legal opinions from within the Government. NAIF and the solicitors for the Bidder and the Target knew that if they could get the proposed transaction through the moribund ASIC it would become too difficult for the hapless ministers to act; as they should have; even if they might have wanted to.
On 19 July the matter was allowed, by Mr Justice Black, to slip through the net. The three bodies of Government once again failed retail investors and allowed white collar crime to continue thriving.
Brereton will probably throw the report made to the NACC into the too hard basket; like the matter of Ms Annette Mussilino of the RoboDebt fame.
I have however raised the issue of the “secretive “SECRET” NAIF loan” with the Australian National Audit Office, (ANOA). What I have said to the ANAO has been copied below this letter to you.
I have copied, (cc’d), this letter to Yanco and my local member, Andrew Leigh, just to remind Andrew of how he turned his back on the proposed transfer of the $610 million loan to Skip Capital.
I have also bb’d the letter to the many others who, for the most part, could little more than observe the gross incompetence of ASIC as it, ASIC, stood by without lifting a finger.
Yours sincerely
Howard Patrick
Australian National Audit Office
Since March 2024 the Northern Australia Infrastructure Facility, (NAIF), in conjunction with Genex Power Ltd and a foreign owned and controlled entity, JPGA Partners Pty Ltd, facilitated the transfer of a $610 million taxpayer funded concessional loan to the JPGA.
NAIF steadfastly refused to seek an opinion from within the Government that the transfer of the “secretive “SECRET” NAIF loan” was legal; it complied with the Act under which NAIF operates. ASIC colluded with NAIF by also refusing to seek such an opinion or bring the matter of leagility before the judicial system.
The transfer of the “secretive “SECRET” NAIF loan” is proceeding without any clarification of its legality AND the terms and conditions of the $610 million remains a secret. Transparency is denied to all but NAIF, the Board of Directors of Genex and the owners of the foreign entity, JPGA Partners Pty Ltd.
The terms and conditions of the $610 million loan may have changed with the change of ownership but any such changes, if there have been any, remain a mystery for those who provided the funds; the Australian Taxpayer.
This is a wholly unsatisfactory situation. The secretive nature of the NAIF loan led to the Genex Power Ltd shareholders being denied important financial information which helped the purchaser acquire the Australian owned renewable energy company for significantly less than it is worth.
While it is too late for the “dudded” former shareholders to benefit, it is well beyond time that the Australian National Audit Office delved into all aspects of the handling and very existence of the $610 million “secretive “SECRET” NAIF loan” Its very existence is wrong and has, in my view, led to corruption.
I have reported the transaction to the NACC and the AFP.
It has led to the two ministers responsible for the Northern Australia Infrastructure Facility Act 2016, Ministers King and Gallagher, condoning, by their inaction, the provision of $610 million of taxpayer funds to a foreign entity.
The loan should have been refinanced and the $610 million have become available for new development projects in Northern Australia.
The ANOA needs to shed light on the existence and handling of this abhorrent lack of transparency with Australian Taxpayer funds.
Howard Patrick
22 July 2024
