Were Minister King and Gallagher misled by NAIF, ASIC, Black and their Departments?

The “secretive “SECRET” $610 million NAIF loan”.

How and why it facilitated all the skulduggery involved in the GENEX takeover.

Why is the TRANSLUCENT loan in the hands of a foreign owned and controlled entity?

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

Added to the message to the ANAO:-

The above has been posted to a website named HotCopper.

I have also included it in an email sent to Senator Deborah O'Neill. That email was sent to my local member, Andrew Leigh, and the CEO of ASIC, Greg Yanco.

It was sent to thirty odd others who have an awareness of the issues which arose from the $610 million "secretive "SECRET" NAIF loan" which is, largely due to the incompetence of ASIC, being transferred to a foreign entity.

The question for the Australian National Audit Office is this; since when is it appropriate for the Government to provide a "secretive "SECRET" NAIF loan" to a foreign entity?

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The “‘secretive “SECRET” $610 million taxpayer funded NAIF loan” transferred to JPGA Partners Pty Ltd.