Solicitor-General's opinion concerning the $610 million NAIF Concessional Loan

Following is a copy of a letter sent this afternoon to the Chief Legal Officer of NAIF and others listed in the letter:-

Mr Chris Collins

Chief Legal Officer

Northern Australia Infrastructure Facility

URGENT REQUEST FOR COMMONWEALTH SOLICITOR-GENERAL’s OPINION ON DEALING WITH THE “SECRET” NAIF LOAN TO GENEX POWER LTD.

Dear Mr Collins

I am writing to you, yet again, in your capacity as NAIF’s Chief Legal Officer and in the knowledge that you were honored with the Government Lawyer of the Year award at the 2024 Lawyers Weekly Counsel Summit and Awards.

I ask you a very simple legal question. Under what LEGISLATIVE, REGULATORY or MINISTERIAL authority does NAIF intend to make available the $610 million taxpayer funded concessional loan to the overseas corporation, Electric Power Development Co,. Ltd; (J - Power).

If you, on behalf of NAIF’s Chairperson and CEO, have any difficulty in providing a simply worded and concise answer to my question I suggest, as in the 2022 matter of the attempted takeover of Genex Power Ltd by the two individuals who own Skip Capital, you request a legal opinion from the Commonwealth Solicitor-General Dr Stephen P Donaghue KC.

By checking NAIF’s records you will see that NAIF refused to tell me if it sought an opinion from the Commonwealth Solicitor-General, Dr Stephen P Donaghue KC, in the Skip Capital matter, let alone provide me with a copy of said opinion.

The Scheme Meeting, at which Genex Shareholders (other than Excluded Genex Shareholders) will vote on the Scheme, will be held as a hybrid meeting at 10:00am (Sydney time) on Tuesday, 16 July 2024. Bearing this in mind this matter should be treated by NAIF, and other parties, (ASIC and the Foreign Investment Review Board), with appropriate urgency.

I, and I am sure many others, look forward to your very prompt response.

Sincerely Yours,

Howard Patrick.

12 June, 2024

Mr Greg Yanco

CEO, ASIC

The Hon Mark Dreyfus

Attorney-General

Mr Bruce Miller OA
Takeovers Panel

The Hon Madeleine King

Minister for R and N Australia

NSW Supreme Court

Case No:- 2024/00188463

The Hon Katy Gallagher

Minister for Finance

May I suggest reading the following PDF file; it concerns a commitment NAIF gave in February 2023 to provide portfolio Ministers, King and Gallagher, with timely advice on significant issues with a view to the Government being well placed to respond promptly to issues.

https://acrobat.adobe.com/id/urn:aaid:sc:AP:dee5441c-3d8e-49c4-aff7-5f20679c73da

I have no evidence that NAIF has done this, in this instance, and in the events surrounding the illegal Skip Capital bid for Genex and the “SECRET” NAIF loan. If not, why not Mr Collins?

I have cc’d this letter to the parties listed above. It will, in due course, be forwarded to numerous others aware of matters raised in and as a consequence of my Report of Misconduct.