We know how incompetent ASIC is but is it also corrupt?Email to...

We know how incompetent ASIC is but is it also corrupt?

Email to Senator O’Neill

Howard Patrick

13 July 2024.

Mr Greg Yanco

CEO

ASIC

While the takeover of Genex Power Ltd has been approved at the Scheme Meeting

Since 2022 ASIC’s Mr Peter Witham and NAIF’s Chief Legal Officer, Mr Chris Collins have been aware of conflicting issues concerning the $610 million taxpayer funded secretive “SECRET” to Genex Power Ltd. Since 2022 NAIF has apparently done nothing to address the conflicting issues arising from the very existence of the loan and, most importantly, the unknown terms and conditions.

Over and above the problems created by the “confidentiality” of the loan which gave rise to my 17 April 2024 Report of Misconduct, the proposed acquisition of Genex Power Ltd by a foreign owned and controlled company gave rise to another issue. That is the unanswered question: with what legislative, regulatory or ministerial authority is NAIF intending to transfers the $610 million loan to JPGA Partners Pty Ltd?

This issue has been before ASIC, the ASX, NAIF and the solicitors representing the Genex and JPGA Partners Pty Ltd for well over a month but the ASX has not had Genex Power Ltd shareholders informed by way of an ASX Announcement. This further failure with continuous disclosure requirements, by Genex Power Ltd. ought to be of concern for the National Anti-corruption Commission.

The transcript of proceeding before Mr Justice Black on this coming Friday, 19 July, will make for very interesting and possibly disturbing reading. Given what detailed information ASIC has about the proposed transfer of the $610 million loan and the apparent failure of NAIF to obtain, let alone request, a legal opinion from the Solicitor-General and/or the Australian Government Solicitor it seems it would be corrupt action by ASIC to not appear in Case 2024/00188463 which is scheduled to begin at 9.15am in the NSW Supreme Court.

Should ASIC not appear before Mr Justice Black, the conclusion could reasonably be made that ASIC has decided to join with NAIF and the Target and Bidder solicitors and agree with them that the transaction ought to proceed even though the legality of the transaction has not been determined.

Will ASIC be appearing before Mr Justice Black for the Second Court Hearing?

In my humble opinion the NACC might be rather perturbed by ASIC’s failure to obtain an opinion as to whether or not the transfer of the $610 million loan is legal?

NAIF has had months to obtain an opinion, ASIC has had weeks to do so.

So much for ASIC’s responsibilities for market supervision?

I am cc’ing this to Senator O.Neill and to the others I sent the email to her to.

Yours sincerely

Howard Patrick

16 July 2024