Mr YancoASIC GUILTY OF WILFULLY and KNOWINGLY MISLEADING...

Mr Yanco

ASIC GUILTY OF WILFULLY and KNOWINGLY MISLEADING MINISTERS KING AND GALLAGHER?

It is clear ASIC made the decision, without investigating and determining the legality of the transaction, to assist in bringing about the takeover of Genex Power Ltd, (Target), by the foreign owned and controlled entity, JPGA Partners Pty Ltd, (Bidder), by joining with NAIF, the Bidder and the Target and act, with all intent and purpose, as if the transaction, (involving the transfer of the “secretive “SECRET” $610 million taxpayer funded concessional loan) was legal.

With a lack of evidence to the contrary it seems ASIC, having made the decision to play its part in facilitating the transaction, then became involved in knowingly and wilfully misleading the two ministers responsible for the Northern Australia Infrastructure Facility Act 2016.

The evidence suggests ASIC became guilty of misleading the ministers by not undertaking the necessary actions required to obtain legal opinion(s) from the Solicitor-General and/or the Australian Government Solicitor that the proposed transaction was legal.

Despite the 17 June advice that ASIC was requested by Assistant Treasurer Jones to investigate, it seems more than reasonable to conclude ASIC had not and did not then produce documented evidence for the Assistant Treasurer or Ministers King and Gallagher that the transaction is legal.

When presented with the opportunity to judicially test the legality of the transaction in the NSW Supreme Court, on 19 July, again, the available evidence suggests, ASIC declined to act appropriately.

How is one to comprehend ASIC’s failure to produce any substantiation? Substantiation that it holds documented evidence the transaction is legal; last Friday.

By wilfully and knowingly misleading Ministers King and Gallagher, ASIC placed the ministers in an invidious situation. Apparently not being in possessions of the necessary documented evidence the transaction is legal the ministers have, understandably, been unable and/or unwilling to answer the long-outstanding question:-

“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.”

If the ministers were to answer in the affirmative, (yes, it is legal and in compliance with the Act), they risk being asked, in the Parliament, to provide evidence in support of such an affirming statement. Could that lead to motions of no confidence and censure?

Mr Yanco, ASIC’s Mr Peter Witham, and NAIF’s Chief Legal Officer, Mr Chris Collins have had detailed knowledge of the existence of the $610 million “secretive “SECRET” NAIF concessional loan” since 2022; (Skip Capital).

Why is it that despite Messrs Witham’s and Collins’s knowledge of the administratively abhorrent secrecy, has ASIC, to all appearances, completely ignored it as an issue; an issue which has impacted the takeover transaction in many different ways?

The NACC may want to know why the secrecy surrounding substantial public funds has persisted?

To repeat:- “Faced with any documentary evidence from ASIC that the transaction is legal, what sound reason is there for ASIC to not take urgent remedial judicial action; on or before 30 July?”.

Howard Patrick

28 July 2024