ASIC and NAIF - the "SECRET" $610 MILLION CONCESSIONAL LOAN?

CONFUSION IS POWER - an ASIC tactic.


ASIC's FAILURE TO ASSESS.


ASIC has before it a Report of Misconduct and a claim of Unacceptable Circumstances warranting the involvement of the Takeover Panel.

Central to the Report of Misconduct and the Unacceptable Circumstance issue is the "SECRET" $610 million taxpayer funded concessional loan.

Despite repeated requests, ASIC and NAIF refuse to provide information about the loan; including about its future ownership.

Given the repeated refusal to respond to correspondence by ASIC, NAIF and the Takeovers Panel I have informed the two ministers responsible for the Northern Australia Infrastructure Facility Act 2016 of the extremely dubious nature of the takeover bid. The Ministers and the relevant staff responsible for briefing them are now well aware of the situation.

Both Ministers, (King and Gallagher), are now aware that NAIF refuses to provide information; even about the possible future foreign ownership of the $610 million concessional loan.

Below are rather mashed up copies of recent correspondence with the Ministers, their staff and ASIC, (Mr Peter Witham), Mr Chris Collins, (NAIF's Chief Legal Officer) and the Chief Executive of the Takeovers Panel, Mr Allan Bulman:-

Mon, May 20, 12:20 PM (2 days ago)

to me

NAIF and the proposed takeover of Genex Power Ltd by J - Power. Minister Gallagher's responsibilities arising from the Northern Australia Infrastructure Facility Act 2016 and the Public Governance, Performance and Accountability Act 2013.

Mr Patrick Cronan

Deputy Chief of Staff

Office of the Minister for Finance

Dear Mr Cronan

Back in 2022 I kept Minister Gallagher informed about the proposed takeover of Genex Power Ltd by an entity, Skip Capital.

The takeover bid was eventually withdrawn. The takeover bid contravened the Northern Australia Infrastructure Facility Act 2016.

I won't go into that matter but, through you, now bring to Minister Gallagher's attention another takeover bid. A takeover bid has led me to submit a Report of Misconduct to ASIC and to suggest, if it were to proceed, it should be subject to a Takeovers Panel hearing.

Because officers in ASIC, NAIF and the Takeovers Panel have not responded to correspondence I have sent them, I decided I needed to bring the matter to the attention of Minister King, Minister for Northern Australia.

When I say "matter" I refer to a number of matters but the crucial issue involves the $610 million concessional loan from NAIF to Genex for the construction of the Kidston Storage Pumped Hydro project, (K2H).

Given my experiences in 2022 and what now seems like a repeat of delay tactics by NAIF, ASIC and others I decided to place my correspondence on the website known as HotCopper:-

https://hotcopper.com.au/threads/ann-genex-enters-into-binding-tid-with-j-power.7948022/page-74?post_id=73876685

I am not going down that path but I nonetheless have concerns that the proposed takeover might involve aspects of the Public Governance, Performance and Accountability Act 2013.

I would appreciate your acknowledgement of this letter for confirmation that both ministers responsible for NAIF are aware of the situation concerning the proposed takeover.

Yours sincerely

Mon, May 20, 12:28 PM (2 days ago)

to [email protected]

Dear Minister King

After sending this email to Mr Patrick Cronan, the Deputy Chief of Staff for the Minister for Finance, I thought it best I copy it to you.

Yours sincerely

King, Madeleine (MP)

Mon, May 20, 12:54 PM (2 days ago)

to me

Good Morning Howard,

Thanks for CC’ing our office into the email.

Office of Hon Madeleine King MP

Federal Member for Brand

MINISTER FOR RESOURCES | MINISTER FOR NORTHERN AUSTRALIA

t: +61 8 9527 9377 | e:[email protected]

Mon, May 20, 2:35 PM (2 days ago)

to Louise, Patrick

Louise Sasaki

Assistant Secretary

Infrastructure, Communications and Agriculture.

Department of Finance.

Dear Ms Sasaki

I am forwarding these emails to you because your area of responsibility deals with matters concerning Minister Gallagher and her responsibilities arising from the Northern Australia Infrastructure Facility Act 2016?

My correspondence, back in 2022, with the minister's Deputy Chief of Staff, Patrick Cronan, generated next to nothing in terms of responses from him or his minister's Department. That of course was par for the course when dealing with ASIC and others. Despite the lack of transparency I ultimately read, in an ASX Announcement and the press, the takeover bid had been withdrawn.

Will you at least inform me if you will be briefing your minister on the matters which have arisen as a consequence of Electric Power Development Co,. Ltd seeking to take over Genex Power Ltd?

It is likely I will be CC'ing you into future emails. I am still waiting for responses from ASIC, (Witham), Bulman, (Takeovers Panel) and NAIF, (Collins).

Tue, May 21, 12:21 PM (19 hours ago)

to Peter, Allan, Chris, [email protected], Henry, Clinton, Louise

This message has been deleted. Restore message

“Gentlemen

While waiting for responses from Messrs Collins and Bulman, (concerning my Report of Misconduct to ASIC and suggestion that Unacceptable Circumstances, warranting the Takeovers Panel involvement), I have contacted the offices of Ministers King and Gallagher.

It is disturbing that it seems the ministers responsible for the Northern Australia Infrastructure Facility Act 2016 have not been briefed on the proposed takeover by NAIF? Am I wrong, Mr Collins, for thinking the situation with the NAIF concessional loan has not been clarified? That being the case perhaps aspects of the Public Governance, Performance and Accountability Act 2013 may come into play?

I have also alerted the assistant Secretary of the Office of Northern Australia, Ms Casey Greeentree, as she is the most likely to brief Minister King.

Similarly I have written to Ms Louise Sasaki, as the officer liable for briefing Minister Gallagher.

Yours sincerely

---------- Forwarded message ---------

From: King, Madeleine (MP) <[email protected]>

Date: Mon, May 20, 2024 at 12:54 PM

Subject: RE: NAIF and the proposed takeover of Genex Power Ltd by J - Power. Minister Gallagher's responsibilities arising from the Northern Australia Infrastructure Facility Act 2016 and the Public Governance, Performance and Accountability Act 2013.

To:

Good Morning Howard,

Thanks for CC’ing our office into the email.

Office of Hon Madeleine King MP

Federal Member for Brand

MINISTER FOR RESOURCES | MINISTER FOR NORTHERN AUSTRALIA

t: +61 8 9527 9377 | e:[email protected]

From:
Sent: Monday, May 20, 2024 10:29 AM
To: King, Madeleine (MP) <[email protected]>
Subject: Fwd: NAIF and the proposed takeover of Genex Power Ltd by J - Power. Minister Gallagher's responsibilities arising from the Northern Australia Infrastructure Facility Act 2016 and the Public Governance, Performance and Accountability Act 2013.

Dear Minister King

After sending this email to Mr Patrick Cronan, the Deputy Chief of Staff for the Minister for Finance, I thought it best I copy it to you.

Yours sincerely

HLP

---------- Forwarded message ---------
From:>
Date: Mon, May 20, 2024 at 12:20PM
Subject: NAIF and the proposed takeover of Genex Power Ltd by J - Power. Minister Gallagher's responsibilities arising from the Northern Australia Infrastructure Facility Act 2016 and the

Public Governance, Performance and Accountability Act 2013

.
To: H<HLP