Spent this morning posting my response to NAIF's Chief Legal...

Spent this morning posting my response to NAIF's Chief Legal Officer, Chris Collins.

Just now I discovered the FIRB has done a late Friday drop announcing its approval of the scurrilous takeover.

It is dis-heartening that an Australia superannuation fund, like the Commonwealth Superannuation Corporation, from which I draw a pension, lacks the initiative to takeover Genex Power Ltd.

As matters now stand, it seems to me, that the matter boils down to the issue of the secretive "SECRET" taxpayer funded concessional loan.

I have asked Collins on multiple occasion under what legislative, regulatory or ministerial authority J - Power and Genex Power seen to assume the loan will transfer to the buyer. My guess is that those who engaged in the MARKET MANIPULATION also came up with the "hybrid" idea; just to complicate matters, to their advantage. Being "Government Lawyer for 2024" for good reason, Mr Collins has obfuscated around this issue.

Now the questions about the secretive and "SCECRET" loan need to directed to the responsible ministers, King and Gallagher, and the Attorney-General. Are they willing to work together and try to avoid having the Solicitor-General, Dr Stephen Donaghue KC provide an opinion on having the $610 million loan transfer to an overseas corporation?

The planned takeover began with MARKET MANIPULATION orchestrated by the Kidston and J - Power infected Genex Power Ltd board.

My believe is that J - Power needs to go back to the drawing board and start the process again. Given the blatant conflicts of interest J - Power should be prepared and Genex Power Ltd should demand involvement of the Takeovers Panel to determine fair and reasonable share price.

Before then Ministers King and Gallagher must state their positions on the question of transfer of the NAIF loan to an overseas entity and/or J - Power proceed to a takeover on the basis of it re-financing the NAIF with the touted cheap "Japanese" money.

For Mr Collins to talk about NAIF "managing" its investment portfolio, in which the Genex loan is the largest component. is laughable. Repayment of the loan would mean funds being available for other developments

Over to Ministers King and Gallagher and the Attorney-General. Let them be transparent with this matter instead of following the ASIC tactics of delay and confusion.