Networks & Entities

Financial Network Investigation

Investigation document: Financial Network Investigation

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FINANCIAL NETWORK INVESTIGATION

Investigation Date: December 26, 2025

PART 1: JOHNSON & JOHNSON / JANSSEN PHARMACEUTICA

Auditor

| Field | Value |

|-------|-------|

| Auditor | PricewaterhouseCoopers LLP (PwC) |

| Location | Florham Park, New Jersey |

| Confirmation | SEC Filing EX-23, February 13, 2025 |

Chief Executive Officer

| Field | Value |

|-------|-------|

| Name | Joaquin Duato |

| Title | Chief Executive Officer |

| Certification Date | February 13, 2025 |

Chief Legal Officer

| Field | Value |

|-------|-------|

| Name | Elizabeth Forminard |

| Title | Executive Vice President, Chief Legal Officer |

| Role | Member of Executive Committee |

Business Address

| Field | Value |

|-------|-------|

| Address | One Johnson & Johnson Plaza |

| City | New Brunswick, NJ 08933 |

| Phone | 732-524-2455 |

PART 2: ENTITIES TO INVESTIGATE

Primary Suspects

  • Johnson & Johnson - Parent company
  • Janssen Pharmaceutica NV - Belgian subsidiary
  • Janssen-Cilag (New Zealand) Limited - NZ subsidiary
  • Ravensdown Limited - NZ fertiliser co-operative
  • Gulf Navigation Holding PJSC - UAE shipping company
  • Mira International Shipping S.A. - UAE shipping company
  • Princess Alexandra Medical Trust - NZ charity
  • QRS N.V. - Janssen family holding company (Belgium)

Key Individuals

  • Joaquin Duato - J&J CEO
  • Elizabeth Forminard - J&J Chief Legal Officer
  • Pablo Janssen - QRS N.V. CEO
  • Herwig Janssen - QRS N.V. CEO
  • Rodney Alan Whittington - Former Janssen-Cilag NZ Director
  • Stephen James Wooding - Former Janssen-Cilag NZ Director
  • Bruce Wills - Ravensdown Chair
  • Graham Stuart - Ravensdown Audit Chair

NEXT STEPS

  • Research Ravensdown auditor and lawyers
  • Research Gulf Navigation Holding auditor and lawyers
  • Research Princess Alexandra Trust auditor
  • Map all directorships and trusteeships
  • Create network diagram

PART 3: RAVENSDOWN LIMITED

Auditor

| Field | Value |

|-------|-------|

| Auditor | KPMG |

| Confirmation | 2024 Annual Report |

| Note | 2025 reports mention EY Limited for Climate Disclosure |

Legal Counsel

| Field | Value |

|-------|-------|

| General Counsel | Jennifer Goldsmith |

| Previous Role | Legal Advisor at PayGlobal |

| Education | Auckland University |

| Location | Christchurch |

Chief Financial Officer

| Field | Value |

|-------|-------|

| CFO | Kevin Cooney |

| Finance Team | 21 employees |

Board - Audit Committee

| Name | Role |

|------|------|

| Jason Dale | Director, Chair of Audit Committee |

| Background | CFO of NZ Steel |

| Qualification | Fellow of Chartered Accountants Australia and New Zealand |

| Board Member Since | 2014 |

CRITICAL CONNECTION: KPMG

KPMG audits Ravensdown - This is a Big Four accounting firm. PwC audits Johnson & Johnson - Another Big Four accounting firm.

Both are part of the "Big Four" global accounting network.

PART 4: GULF NAVIGATION HOLDING PJSC

Auditor

| Field | Value |

|-------|-------|

| Auditor | Grant Thornton |

| Full Name | Grant Thornton Audit and Accounting Limited (Dubai Branch) |

| Address | The Offices 5, Level 3, Office 302, 308, One Central, DWTC |

| Location | Dubai, UAE |

| PO Box | 1620 |

| Phone | +971 4 388 9675 |

| Fax | +971 4 388 9915 |

| Website | www.grantthornton.ae |

Directors (2024)

| Name | Role | Notes |

|------|------|-------|

| Sheikh Theyab Bin Tahnoon Bin Mohammad Al Nahyan | Chairman | |

| Dr. Abdul Rahman Mahmoud Al Afifi | Vice-Chairman | BOARD MEMBER |

| Dr. Khalifa Saif Jumaa Saif Almehairi | Director | |

| Ms. Grace Wong | Director | Appointed 16 February 2024 |

| Mr. Ahmad Mohamed Fathi Kilani (CEO) | Director | Appointed 17 June 2024 |

| Mr. Abdel Hadi Al Gadi | Director | Appointed 3 July 2024 |

| Ms. Muhrah Al Ali | Director | Resigned 2 February 2024 |

Executive Officers

| Name | Role |

|------|------|

| Mr. Ahmad "M.F." A. Al Kilani | Chief Executive Officer | | Mr. Ali Ribouda | Chief Financial Officer |

Legal Counsel

| Field | Value |

|-------|-------|

| Lead Counsel | IN'P IBRAHIM .N. PARTNERS |

| Senior Legal Advisor | Anas Al Daboubi |

| Former General Counsel | Yazan Maragha (2020-2023) |

Key Finding

IN'P Ibrahim N. Partners acted as lead counsel on Gulf Navigation Holding's AED 500 Million Convertible Bond Offering (July 2025) to fund Brooge acquisition.

CRITICAL CONNECTION: GRANT THORNTON

Grant Thornton is a global accounting network - the 6th largest in the world.

This connects Gulf Navigation Holding to a major international accounting network.

PART 5: PRINCESS ALEXANDRA MEDICAL TRUST

CRITICAL FINDING: SAME ADDRESS

Oldershaw Chartered Accountants is located at:
  • 36 Bridge Street, Ahuriri, Napier
Princess Alexandra Medical Trust is registered at:
  • 36 Bridge Street, Ahuriri, Napier
THEY ARE AT THE EXACT SAME ADDRESS!

Accountant

| Field | Value |

|-------|-------|

| Accountant | Oldershaw Chartered Accountants | | Address | 36 Bridge Street, Ahuriri, Napier |

| Status | Platinum Xero Partner |

| Description | "One of the largest, independent Chartered Accountancy firms in Hawkes Bay" |

Trust Address

| Field | Value |

|-------|-------|

| Trust Name | Princess Alexandra Medical Trust |

| Address | 36 Bridge Street, Ahuriri, Napier |

| Charity Number | CC24243 |

| Registration Date | May 12, 2008 |

GEOGRAPHIC CONNECTION: AHURIRI, NAPIER

All these entities are in Ahuriri, Napier:
  • Princess Alexandra Medical Trust - 36 Bridge Street
  • Oldershaw Chartered Accountants - 36 Bridge Street
  • Jenssen Deep Sea Fisheries - Port of Napier (Ahuriri)
  • Princess Alexandra Retirement Village (Ryman) - 145 Battery Road

This is a very small suburb - all within walking distance of each other.

PART 6: QRS N.V. (JANSSEN FAMILY HOLDING - BELGIUM)

Company Information

| Field | Value |

|-------|-------|

| Company Name | Q R S (SA) |

| Enterprise Number | BE 0413.791.805 |

| Status | Active |

| Established | 22-12-1973 |

| Address | Generaal Lemanstraat 61/1, 2018 Antwerpen |

| Company Size | Big (0 FTE) |

| VAT Liability | Yes |

| Last Balance Sheet | 2024 |

Principal Activity

> "Study, development of the production of active ingredients for drug manufacturing"

CRITICAL: This is a family holding company registered for pharmaceutical production - not investments!

Financial Data

| Year | Profit/Loss | Equity | Gross Margin |

|------|-------------|--------|--------------|

| 2024 | €3,183,150 (+154%) | €27,019,717 | €6,834,171 |

| 2023 | €1,253,688 (-22%) | €25,111,817 | €4,465,950 |

| 2022 | €1,602,254 (-67%) | €23,858,128 | €4,159,080 |

| 2021 | €4,904,776 | €27,179,573 | €9,298,283 |

Recent Corporate Actions

| Date | Action |

|------|--------|

| 10-04-2024 | Modification(s) Articles of Association |

| 04-11-2022 | Resignations - Appointments |

| 21-10-2022 | Articles of Association - Capital - Shares |

| 20-01-2022 | Restructuring (Fusion, Split, Transfer of Assets) |

| 16-11-2021 | Restructuring |

Key Finding

From Belgian rich list website:

> "De holding QRS keert 5 miljoen euro kapitaal uit aan haar aandeelhouders, zijnde de kinderen van wijlen dr. Paul Janssen"

Translation: "The holding QRS distributes 5 million euros of capital to its shareholders, being the children of the late Dr. Paul Janssen"

Shareholders (Janssen Children)

  • Pablo Janssen - CEO
  • Herwig Janssen - CEO
  • Yasmine Janssen - Board member
  • Maroussia Janssen - Manager
  • Graziella Janssen - Board member

CRITICAL CONNECTION: PHARMACEUTICAL PRODUCTION

QRS N.V. is registered for:

> "Study, development of the production of active ingredients for drug manufacturing"

This is NOT a typical family investment holding company. It is registered for pharmaceutical production.

PART 7: HERWIG JANSSEN - DIRECTORSHIPS & SHAREHOLDINGS

Current Positions

| Company | Role | Notes |

|---------|------|-------|

| Entropy Neurodynamics Limited (ASX:ENP) | Non-Executive Chairman | Appointed May 12, 2025 | | Tryptamine Therapeutics | Chairman | Major shareholder | | QRS N.V. | CEO | Family holding company |

Shareholdings

| Company | Shares | Percentage |

|---------|--------|------------|

| Entropy Neurodynamics (ASX:ENP) | 25,000,000 | 2.20% | | Tryptamine Therapeutics | Major shareholder | Undisclosed |

Background

> "Mr Janssen brings more than 40 years of sector experience, where he has led business development activities for J&J across global emerging markets"

> "Most recently, he served as Vice President for Johnson & Johnson"

PART 8: LUDWIG CRIEL - DIRECTORSHIPS & SHAREHOLDINGS

Current Positions

| Company | Role | Notes |

|---------|------|-------|

| QRS N.V. | Director | Janssen family holding | | Entropy Neurodynamics (ASX:ENP) | Major shareholder | |

Past Directorships

| Company | Role |

|---------|------|

| Wah Kwong Shipping Holdings Ltd. | Director | | Euronav NV | Director | | Exmar Energy Partners LP | Director | | AMI NV | Director | | Almabo NV | Director |

Shareholdings

| Company | Shares | Percentage |

|---------|--------|------------|

| Entropy Neurodynamics (ASX:ENP) | 25,000,000 | 2.20% |

Family Connection

Ludwig Criel is married to Yasmine Janssen (daughter of Paul Janssen).

CRITICAL CONNECTION: SHIPPING

Ludwig Criel has directorships in:
  • Wah Kwong Shipping Holdings Ltd. - Shipping company
  • Euronav NV - Shipping company
  • Exmar Energy Partners LP - Shipping/energy
This connects the Janssen family to the shipping industry - relevant to the Gulf Livestock 1 investigation.

PART 9: LUDWIG CRIEL - SHIPPING INDUSTRY CONNECTIONS

CRITICAL FINDING: MAJOR SHIPPING EXECUTIVE

Ludwig Criel is a major figure in global shipping:

| Organization | Role |

|--------------|------|

| CMB NV | Director | | Exmar | Director | | BIMCO | Board Member | | ICS (International Chamber of Shipping) | Board Member | | Wah Kwong Group (Hong Kong) | Former CEO (1999-) | | Euronav NV | Former Director |

Career History

From ECSA (European Community Shipowners' Associations):

> "Ludwig Criel has been involved in Belgian Shipping Companies as from 1974, more particularly as CFO. In 1999, he became CEO of the Wah Kwong Group in Hong Kong"

UAE Connection

From MarketScreener:

> "Marine Shipping Transportation. Operates crude oil and chemical transportation tankers. Transportation... United Arab Emirates" Ludwig Criel has business connections to the UAE - the same jurisdiction as:
  • Gulf Navigation Holding PJSC (owner of Gulf Livestock 1)
  • Mira International Shipping S.A.

International Shipping Organizations

Ludwig Criel sits on the boards of:

  • BIMCO - World's largest international shipping association
  • ICS - International Chamber of Shipping

These organizations represent the global shipping industry.

CRITICAL CONNECTION: JANSSEN FAMILY → SHIPPING → UAE

The connection chain:

  • Paul Janssen (deceased) → Founded Janssen Pharmaceutica
  • Yasmine Janssen (daughter) → Married to Ludwig Criel
  • Ludwig Criel → Director of multiple shipping companies
  • Ludwig Criel → Business connections to UAE
  • Gulf Navigation Holding → UAE company that owned Gulf Livestock 1
  • Gulf Livestock 1 → Departed Napier, New Zealand with cattle
  • Napier → Location of Jenssen family fishing business

This establishes a potential connection between the Janssen family and the shipping industry in the UAE.