The situation has been reached where the FIRB has approved of...

The situation has been reached where the FIRB has approved of the proposed transaction. A transaction involving the sale of one of Australia's few ASX listed renewable energy companies.

That is disturbing to many Genex Power Ltd shareholders who acquired shares in the company, motivated by Climate Change, the renewable energy future and national ownership.

What is also disturbing about the FIRB approval is that the FIRB decision has been made without it, the FIRB, knowing NAIF's position on the "secretive "SECRET" concessional loan from NAIF to Genex Power Ltd".

Since 2022, when NAIF was a party to the proposed passing of the loan to Scott Farquhar and Kim Jackson, via their Skip Capital, I have been unable to obtain any information about the terms of the loan.

At that time NAIF would say nothing about its dealings with the Solicitor-General and that remains the case nearly two years on. It is hard to understand NAIF's apparent aversion to the Solicitor-General?

My Report of Misconduct very much concerned the withholding of this information from the GNX Board, a board on which J - Powers employee, Seshimo, serves. J - Power has the information while ASIC knows shareholders do not. ASIC knows how the withholding information about the loan together with the likely financial outcomes after the commissioning of K2H was used to manipulate the Genex share price and consequently the VWAP.

NAIF's Chief Legal Officer has written saying "should any changes, waivers, or consents to NAIF’s contractual arrangements occur, Minister King’s Office (NAIF’s responsible Minister) will be updated as part of NAIF’s regular communications with the Minister's Office."

If that were true it is a mystery why Ministers King and Gallagher remain silent on this pivotal issue?

Now Genex shareholders and the market do not know what NAIF's position is with respect to the possible transfer of the $610 million loan to an overseas entity.

Given the long-standing and on-going mismanagement of a substantial public resource I have emailed NAIF, once again. asking for clarification and saying if I do not receive that sufficient clarification I will reporting misconduct to the National Anti-Corruption Commission tomorrow. A copy of the above mentioned email and one intended to ensure Mr Justice Black is informed are below.

J - Power has FIRB approval to purchase. It is time for J - Power to go back to the drawing board and come up with an offer that is not tainted by conflicts of interest and a very clear appearance of market manipulation. An offer made on the basis that the NAIF loan be repaid.

to Chris, Craig, Tracey

Dear Madam/Sirs

I have asked under what legislative, regulatory or ministerial authority NAIF seemingly intends making the $610 million secretive "SECRET" loan available to the foreign entity, J - Power.

Unless a letter giving a very clear and concise answer, one that I consider might withstand rigorous legal analysis by the Solicitor-General's Office, I will make a submission reporting corrupt conduct by NAIF to the NACC on Monday.

NAIF has had since 4 March to assess its legal position and develop its policy position on the proposed takeover of Genex by J - Power. That information should, long ago, have been conveyed to the parties legal representatives and the NSW Supreme Court for inclusion in the recently approved Transaction Booklet.

When, (the date), was this information provided to Ministers King and Gallagher?

Yours sincerely

Dear Ms Whitby

Below is a copy of an email sent yesterday to the Chief Legal Officer for NAIF, the Chair of NAIF, Tracey Hayes and NAIF's CEO, Craig Doyle.

I have little reason to believe GTLaw has fully informed Mr Justice Black on this matter of the "secretive "SECRET" concessional loan from NAIF to Genex Power Ltd". I am therefore sending a copy of my email to NAIF to GTLaw, as solicitors for Genex Power Ltd, so it is "copied on its face", (a term I confess I do not understand), and presented to Mr Justice Black in the case 2024/00188463.

I have cc'd the email to the Court; to give confidence it is dealt with appropriately.

Yours sincerely

HLP