Solicitor-General's opinion concerning the $610 million NAIF Concessional Loan, page-2

Jun 11, 2024, 9:49 AM (23 hours ago)

to Peter

Dear Mr Witham

It is ironic that you write to me nearly two months after I lodged my Report of Misconduct and you include the words; "For matters involving our market supervision, we are aware that any public comment may affect trading in the market, and we are committed to a fair, orderly, and transparent market".

My Report of Misconduct boils down to market manipulation brought about by non-disclosure by the Genex board, including its J - Power employed director, of financial information concerning K2H and the $610 concessional loan to Genex by NAIF.

Your letter does not mention the words Goldman Sachs, Takeovers Panel, Foreign Investment Review Board or the ministers responsible for the NAIF Act.

It is as if the Report of Misconduct does not exist and the conflicts of interest and market manipulation by the Genex board, including its J - Power employed director, can be completely ignored by ASIC?

There always was another, perhaps bigger issue involved with the Genex/J-Power "bid". As ASIC well knows but has chosen to ignore. It is the question of the NAIF loan to Genex.

ASIC has allowed the takeover to proceed, (even granting a time extension), as if all parties should ignore the issues that have been raised with ASIC.

I am waiting for a NSW Case Number from Geread Dooley, (MinterEllison), before sending a letter to NAIF's Chief Legal Officer. Mr Chris Collins, and others, about this pivotal issue.

Let us see if ASIC repeats the behaviour, (involving lack of public integrity), of various parties involved in the attempt, by Skip Capital, to takeover Genex in 2022 and thereby secure the NAIF loan?

Yours sincerely

HLP

On Mon, Jun 10, 2024 at 5:11 PM Peter Witham <[email protected]> wrote:

Our Reference: CAS-150437-J4F7C3

Dear Mr Patrick,

We refer to your emails of 4 and 6 June 2024. We note your report of misconduct was registered with ASIC on 17 April 2024.

As we have outlined previously, ASIC does not comment on operational matters, or our assessment of information in relation to market matters, and we are unable to provide further details about what, if any, action we may or may not take in relation to the concerns you have raised.

Please see Information Sheet 152 Public comment which sets out the limited circumstances when we will comment publicly on our activities. These limitations are intended to protect the confidentiality of information reported to ASIC and the integrity of ASIC’s investigation and enforcement activities. For matters involving our market supervision, we are aware that any public comment may affect trading in the market, and we are committed to a fair, orderly, and transparent market.

ASIC values the information we receive from the public, and reports of misconduct such as yours assist us in working to build confidence in the integrity of the capital markets.

ASIC will only contact you again about your report of misconduct if we require further information from you.

Yours sincerely,

Peter Witham
A/g Senior Executive Leader, Misconduct & Breach Reporting

Intelligence and International

Australian Securities and Investments Commission

Brisbane

Tel: +61 7 3867 4764

[email protected]

From: Howard Sent: Thursday, June 6, 2024 11:26 AM
To: Greg Yanco <[email protected]>; Peter Witham <[email protected]>; Chris Collins <[email protected]>
Cc:[email protected]; Patrick Cronan <[email protected]>
Subject: The J - Power takeover of Genex Power Ltd and the "SECRET" NAIF loan.

EXTERNAL EMAIL: Do not click any links or open any attachments unless you trust the sender and know the content is safe.

Mr Greg Yanco

CEO

ASIC

Dear Mr Yanco

Seems the buck ends with you Mr Yanco on the Report of Misconduct; although I guess you can flick it to Chairman Longo and the Commission?

There are a multitude of disturbing issues surrounding this takeover. Far more than I care to mention; yet again.

One issue which comes to mind is; "why will NAIF not say if the Minister for Northern Australia, the Hon Madeleine King, has been comprehensively briefed by Chairperson, Tracey Hayes, particularly about the "SECRET " loan"?

I wonder if this question has been asked by anybody in ASIC?

Yours sincerely

HLP

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