Problems with Skip Capital takeover of Genex Power Ltd

Ms Tracey Hayes

Chair

NAIF

Mr Craig Doyle

CEO

NAIF

Dear Madam/Sir

I first wrote to NAIF on 23 August.

Since then I have tried, many times but unsuccessfully, to ascertain if NAIF has sought and obtained a legal opinion on the proposed takeover of Genex Power Ltd by a married couple, Kim Jackson and Scott Farquhar and their so-called "Consortium".

You are aware the "Consortium" includes a foreign entity. Isn't this another matter for consideration by the Solicitor-General? [Foreign Investment Review Board; (FIRB) - because Stonepeak Partners LLC seeks to acquire an interest in Australian land or an Australian land entity (including mining and production tenements) which of course GenexPower Ltd is?].

Given the drastic change in ownership proposed by the "Consortium" it seems likely NAIF could exercise call-up powers for the concessional loan. Over and above the wording in Part 3 Section 9 (4) (b) of the Northern Australia Infrastructure Facility Act, (attached), it seems NAIF ought to have obtained a legal opinion from the Solicitor-General to ascertain if, allowing the loan to pass to a privatised GenexPower Ltd, it, NAIF, would be complying with the Public Governance, Performance and Accountability Act provision about the use of public funds.

Perhaps it is the view of the "Consortium" that if the object of its desires, Genex Power Ltd, (and the attached concessional loan), is not securely bolted down, it is theirs for the taking; or at least it is worth trying to steal the associated taxpayer funded benefits.

You are also aware that I have asked what NAIF understands to be the financial/ownership arrangements between Farqhar/Jackson and the foreign entity, Stonepeak Partners LLC. NAIF has failed to answer this question.

Might it be that Stonepeak Partners LLC is the intended long-term owner of the privatised Genex projects? This would again raise the FIRB matter.

A preliminary investigation of a referral under the National Anti-Corruption Act 2022, in mid-2023, would not begin well if it becomes immediately evident NAIF, (and the two responsible ministers), did not seek the Solicitor-General's guidance on the various issues raised by the scheme the "Consortium", put together by Farquhar/Jackson, in their endeavours take over the taxpayer funded concessional loan, by the privatising of Genex Power Ltd.

I have attached a Word document in which I explain to another Genex Power Ltd shareholder why and what I have done to prevent this takeover which I believe contravenes the NAIF Act. NAIF's reluctance to be transparent about its dealings with Genex Power Ltd and the "Consortium" leads me to be concerned that it could be corrupt for the takeover to proceed.

Would NAIF now be prepared to answer the following seven (7) questions:-

Has NAIF sought a legal opinion from the Solicitor-General?

Has NAIF received a legal opinion from the Solicitor-General?

If a legal opinion has been obtained from the Solicitor-General, has that opinion been shared with the Hon Madeleine King MP?

If a legal opinion has been obtained from the Solicitor-General, has that opinion been shared with the CEO of Genex Power Ltd, Mr James Harding?

If a legal opinion has been obtained from the Solicitor-General has that opinion been shared with the ASX's Misconduct Issuer to ensure that Genex properly informs the market and its shareholders in a long awaited ASX Announcement?

If a legal opinion has been obtained from the Solicitor-General, has that opinion been shared with Mr Tom Story and Mr Charles Ashton, the Allens partners representing Jackson/Farquhar and their "Consortium".

Is NAIF prepared to provide me with a copy of the legal opinion, (if NAIF already has the said opinion), or, provide it to me once it is received?

In the interest of transparency, concerning the access to a substantial amount of taxpayer funds which two individuals seek to personally benefit from, it seems more than reasonable that NAIF answer my questions.

I have copied this email to Minister King and others with an interest in the highly questionable takeover scheme devised by Jackson/Farquhar to avail themselves of the taxpayer funded concessional loan which they want, one way or another, to personally benefit from.

Yours sincerely

Howard Patrick