Top Education Institute received accreditations from TEQSA and the NSW Legal Profession Admission Board (LPAB) to offer a course of studies leading to the award of the Bachelor of Laws Degree (LLB)
(The above is a screenshot of the the Top Education Group's website
advertising its LLB)
The Attorney General NSW Mark SPeakman SC oversees the Department Of Justice NSW and bodies under its purview, which include the Legal Profession Admission Board (LPAB).
The LPAB's responsibilities have been confined to NSW, and more often than not Sydney and limited to regulating the local legal profession.In the past five years however, the LPAB has taken itself into the sphere of international business, thus exposing itself, the Department Of Justice, and the AG NSW to foreign regulatory risks.
Top Education Group Ltd, listed on the Hong Kong Stock Exchange, provides an example of how the LPAB, the Department and the AG are now exposed to foreign regulatory risk in one of the most volatile and unruly financial markets in Asia.
The Top Prospectus contains 17 references to the LPAB; all of which are crucial to the prospects of the education business that Top was promoting to investors;there are 8 references to the "first and only" licence to grant LLB degrees issued by the LPAB to a non-university and a private company.
On 11 May 2018 Top was listed on the HKEX (1752) at HK 40 cents.By 24 May 2018 Top's share price hit a peak of HK 96 cents. It has been on downward trend ever since and currently trades in the 30-35 cent range.
Investors in the IPO may have lost approximately 10 cents per share. These investors are likely to have relied on the Prospectus.Investors who bought at the peak of 96 cents may have lost as much as 60 cents per share, relying on the fact that Top had the LPAB's imprimatur. Despite the 2015/2016 political donation scandal involving Top Group and its CEO and Principal, Minshen Zhou, the LPAB and the AG have continued to allow Top and Minshen Zhu the right to exercise powers pursuant to Rule 19 of the Uniform Law, which allows them to determine if a law graduate is fit and proper for admission to practice law in NSW and Australia.
All of the above expose the LPAB, the Department of Justice and the AG to foreign regulatory risks, but nothing has been disclosed in any of the relevant annual reports.
The AG and his officers, as well as the LPAB and its chairman, the Chief Justice Of NSW Tom Bathurst, have attempted to deflect questions about the above issues by accusing this writer of harassment ,threatening and intimidatory behaviour.
The same excuses have been used to deflect questions about their exposure to regulatory risks in Malaysia where another entity under their purview, the College Of Law, appears to be exposed.