Letter recently sent to Genex Power Ltd. Mr Collins has not responded with what ought be simple answers, especially about the legislative, regulatory or ministerial guidelines under which NAIF is dealing with the situation created by the proposed takeover.
One has to wonder who, if anybody, ASIC is communicating?
Dr Greg Craven
Non-Executive Chairman
Genex Power Ltd
Dear Dr Craven
OPINION OF THE COMMONWEALTH SOLICITOR=GENERAL ON NAIF’S DEALING WITH THE “SECRET” CONCESSIONAL LOAN TO GENEX AND THE FIRB.
At the bottom of this post is a copy of a letter I sent to NAIF’s Chief Legal Officer, Mr Chris Collins. It is the letter which began this thread.
I ask you if Genex Power Ltd has received or requested from NAIF an opinion from the Solicitor-General on how NAIF should deal, legally, with the $610 million taxpayer funded concessional loan, if the J - Power proposition(s) succeeds.
I know that the takeover offer is a hybrid offer but it seems that is not sufficient reason for NAIF, (the lender) and Genex Power Ltd, (the borrower), to NOT seek legal clarification, in the form of an opinion from the Commonwealth Solicitor-General, Dr Stephen P Donaghue KC.
Is Genex Power Ltd aware of NAIF seeking advice from Dr Donaghue KC, on the question of the secrecy of the terms of the loan. That secrecy led, in part, to the market manipulation I alleged in my Report of Misconduct to ASIC. If such advice has not been obtained, will Genex Power Ltd formally request the Chairperson of NAIF, Ms Tracey Hayes, to have the organization's Chief Legal Officer do so, as a matter of urgency?
A further question I have for you concerns the Foreign Investment Review Board, (FIRB). I may have missed it but does Electric Power Development Co,. Ltd, (J - Power), have a notice from the FIRB approving the proposed takeover?
Are you aware of the FIRB seeking and receiving any legal advice on the issues raised above and concerning J - Power’s envisage full or partial interest, (as an overseas corporation), in the $610 million NAIF loan; (the largest loan on NAIF’s book of investments).
Has Genex Power Ltd been informed by its legal representative in the matter, Mr John Williamson-Noble of Gilbert &Tobin, that any correspondence concerning the above issues has been copied on its face by Gilbert & Tobin and/or MinterEllison’s Mr Geread Dooley for presentation to Mr Justice Black in the proceedings in Case 2024/00188463?
I look forward to your early response.
Would you please copy your response to the other parties listed in the attached letter? All should be concerned with what you have to say.
I have copied this letter Alexandra Whitby at GTLaw. Perhaps Genex’s legal representatives will ultimately see fit to disclose this and other important information to Mr Justice Ashley Black?
It seems both parties legal representatives have, thus far, colluded in agreeing to withhold crucial information?
Yours sincerely
Howard Patrick
13 June 2024
https://docs.google.com/document/d/1SmnfDJLHtgv89Obw5fBXOH8hxR0RiOkqgZw0zmb9qeE/edit
