IS ASIC COVERING UP OF THE SECRET NAIF TAXPAYER FUNDED LOAN FOR J - POWER - ROLE OF THE TAKEOVERS PANEL?
NAIF’s CHIEF LEGAL OFFICER, MR CHRIS COLLINS, USING “COMMERCIAL CONFIDENTIALITY”, SEEKS TO AVOID DISCLOSURE OF DETAILS AND CURRENT STATUS OF THE AUSTRALIAN TAXPAYER FUNDED $610 MILLION LOAN.
J - Power, which has a director on the Genex Board, has all the details of the loan but NAIF refuses to provide the information to the shareholders of Genex Power Ltd.
NAIF knows this information is crucial in estimating the financial performance of the Kidston Storage Pump Hydro Project, (K2K, after 2025), yet maintains it can keep the information secret, despite the proposed takeover by the Japanese entity, Electric Power Development Co,.Ltd’ (J - Power).
ASIC’s Mr PETER WITHAM, A/G SENIOR EXECUTIVE LEADER, MISCONDUCT AND BREACH REPORTING, HAS REGISTERED A REPORT OF MISCONDUCT WHICH IS MAINLY ABOUT THE FAILURE TO DISCLOSE DETAILS OF THE NAIF LOAN.
ASIC has registered a Report of Misconduct, (Reference CAS-150437-J4F7C3), and knows full well of the strategic withholding of vital information, especially about the NAIF $610 million concessional loan, yet refuses to indicate if it will investigate the takeover.
ASIC knows that the failure to disclose details of the NAIF loan, (and the Boulderscome Battery), resulted in a desired outcome for the Kidston/Craven/Seshimo board, and J - Power. That desired outcome was lower VWAPs and the lower offer price.
The unique circumstances of this takeover, (non-disclosure of details of the NAIF loan), requires the involvement of the TAKEOVERS PANEL.
WITHOUT FULL DISCLOSURE OF NAIF’S AUSTRALIAN TAXPAYER FUNDED $610 MILLION CONCESSIONAL LOAN THERE EXIST TOO MANY CONFLICTS OF INTEREST BETWEEN THE KIDSTON/CRAVEN/SESHIMOI GENEX BOARD, THE ELECTRIC POWER DEVELOPMENT CO,. LTD, (J - POWER), AND THE SO-CALLED BUT CLEARLY NOT INDEPENDENT EXPERT, (GOLDMAN SACHS), FOR IT TO BE PUT BEFORE THE NSW SUPREME COURT THAT THE 27.5 CENT OFFER IS FAIR AND REASONABLE SHAREHOLDER VALUE. 
