Dr Ralph Craven
Independent Non-Executive Chair
Genex Power Ltd
Dear Dr Craven
I acknowledge receipt of your email of 20 June, 2024.
Your letter was seemingly written before you became aware that since ASIC determined it would ignore my Report of Misconduct, concerning market manipulation brought about by failure to disclose crucial information prior to the announcement of the J - Power bid, another more critical issue has been revealed.
It is noteworthy that Genex has never engaged financial experts to provide Genex shareholders with an estimate or estimates of the Net Present Value of the Kidston Pumped Storage Hydro, K2H, project. To do such a task the details of the NAIF concessional loan would have to be revealed. Crucial information Mr Kenichi Seshimo has made available to JPGA Power Pty Ltd.
I ask, have you organized an extended Zoom session with your fellow directors, particularly Mr Simon Kidston, (who has the knowledge an experience of the failed Skip Capital scheme to take control of Genex and the NAIF loan), NAIF’s Chief Legal Officer, Mr Chris Collins, who, similarly, has behind him the “wisdom” gained from the Skip Capital negotiations, Mr John Williamson-Noble of GTLaw, Genex Power Ltd’s General Counsel and Company Secretary, Ms Ana Gomeiro, and last but not least Mr Craig Francis, the CEO of Genex Power Ltd, to produce an answer to the question below. If Mr Collin’s has an opinion from the Solicitor-General the task suggested for the recommended meeting would be simple. I am sure that by now you are quite familiar with the question?
“Under what legislative, regulatory or ministerial authority does NAIF intend to transfer the taxpayer funded $610 million concessional loan from Genex Power Ltd to the foreign corporation J - Power, (and associated legal entities)?”
Unfortunately my believe, after all the delaying tactics employed by various parties, particularly ASIC, I have come to the conclusion that those who have been a party to the promoting and facilitating the proposed takeover collectively concluded and decided that while “WE DON’T KNOW IF WHAT WE ARE DOING IS LEGAL BUT WE WILL PRETEND and PROCEED AS IF IT IS”.
I have cc’d this letter to Mr Greg Yanco, (ASIC) Mr Lachlan Morley, (ASX), Mr Gereard Dooley, (MinterEllison) and Senator Deborah O’Neill, (Chair, Parliamentary Joint Committee on Corporations and Financial Services).
I have brought Senator O’Neill attention to this matter because of my concern that Government ministers have not been professionally and competently served with the flow of information necessary for them to perform their duties.
I am hopeful Senator O’Neill will discuss the situation with her colleagues, especially Ministers King and Gallagher, given their responsibilities under the Northern Australia Infrastructure Facility Act 2016.
Yours sincerely
Howard Patrick
2 July 2024
