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20 Sep, 4:00 pm GMT+8 · Disclaimer
| Open | 0.32 |
| High | 0.34 |
| Low | 0.29 |
| Mkt cap | 748.69M |
| P/E ratio | 73.20 |
| Div yield | - |
| Prev close | 0.30 |
| 52-wk high | 0.45 |
| 52-wk low | 0.24 |
The collapse in Top Group's market capitalization seems not to have bothered the relevant Australian regulators,which include the Legal Profession Admission Board NSW and TEQSA.
Fergus Hunter reported in the SMH ,
Top Education Institute, the company Dr Zhu established in 2001 and PricewaterhouseCoopers invested in earlier this year(2016) , specialises in law, business and accounting qualifications costing between $8500 and $80,000.
In November(2015) , he met Prime Minister Malcolm Turnbull for a dinner related to the institute's newly established law school.
In April (2016), he discussed the merits of law degrees with Senator Brandis.
This interesting given that Top's law school is accredited by the New South Wales Legal Profession Admission Board,which is under the purview of AG NSW Mark Speakman SC. The common thread however is in the fact that Turnbull ,Brandis and Speakman are all "moderates" which in English means they are of their Liberal Party's Left faction.
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Wednesday, April 10, 2019
NSW Libs received donations of $44,275 from TOP Education Group just before after TOP was granted the "first & only" license issued a private company to award law degrees: AG Speakman and his LPAB refuse to disclose all details in the LPAB Annual Reports
by Ganesh Sahathevan
Mark Speakman
As First Law Officer of the state, Mark overseesthe administration of almost 200 Acts of Parliament,
the most of any minister in the NSW Government.
The Legal Profession Admission Board is a statutory body chaired by the Chief Justice of New South Wales.Its annual report is tabled in the NSW Parliament by the Attorney General NSW , currently Mark Speakman SC,for approval.
The LPAB's duties include granting licenses for the award of Bachelor of Laws (LLB) degrees to interested parties ,which until recently were all public universities. In 2015 the LPAB issued a license to grant LLBs to TOP Education Group Ltd, which proudly proclaims the fact that it is the "first and only" private company to have been granted such a license.
The AG NSW is also the Liberal Member for Cronulla and he,as well as the LPAB , have been queried about the following issues discovered in the LPAB's 2015 Annual Report which relate to the TOP Group application.
The LPAB states in its 2015 Annual Report:
In addition, the LPAB received an application for accreditation of a new law degree to be offered by a non-university provider, TOP Education Institute (LLB).
The LPAB considered the advice of its Accreditation Sub-Committee and Legal Qualifications Committee, and also consulted with other admitting authorities through the Law Admissions Consultative Committee (LACC), before deciding to accredit the new degree with effect from 1 January 2015.
http://www.lpab.justice.nsw.
With regards the above the LPAB and the AG have been asked why in considering the TOP application they appear not to have considered TOP Group's CEO and controlling shareholder Minshen Zhu's business failures which were a matter of public record in 2015 ,and collated in its 2018 Prospectus issued in connection with the Initial Public Offering (IPO) of its stock and listing on the Hong Kong Stock Exchange. Zhu's business failures are listed on page 160 and 167 of the IPO Prospectus. They are failures in small businesses which in turn raise questions about his capacity to fund a much larger venture like TOP.
The LPAB and AG were also queried about the exclusion from the 2015 Annual Report of material that had been disclosed in the 2012 Annual Report where it is stated that LPAB member Dr Gordon Elkington was assigned to TEQSA to assist with the TOP application for the relevant licenses from TEQSA.
The exclusion from the 2015 annual report of the information disclosed in the 2012 annual report gives the impression that the LPAB's assessment of the TOP application in 2015 was a dealing with a party with which it had no prior relationship, when in fact it had.
All of the above would be of concern to both students and investors given the dramatic collapse in TOP's share price, The AG and the LPAB have confirmed in writing that they are not interested in answering any of the questions above.
It has since been discovered that in the 4 months or so prior to the LPAB granting TOP the license to issue law degrees, TOP made donations worth AUD 44 275 to the Liberal Party NSW Branch.
While Mr Speakman is AG and the most senior law officer in the state, he is first and foremost a politician.He would not be AG had he not been elected.
It was to his party that the above donations have been made,and his refusal to answer the questions above does raise the perception that something is not quite right.
His Department Of Justice has in the past shown that the Minister ,his Department Of Justice,and the LPAB can and do work together in the interest of their Minister and vice versa.This has included a recent non-disclosure of complaints against the LPAB and the College Of Law in the 2018 Annual Report.
Hence it is not unreasonable to expect that together they provide answers to these issues which are of public interest,and which concern their conduct as public servants.
His Department Of Justice has in the past shown that the Minister ,his Department Of Justice,and the LPAB can and do work together in the interest of their Minister and vice versa.This has included a recent non-disclosure of complaints against the LPAB and the College Of Law in the 2018 Annual Report.
Hence it is not unreasonable to expect that together they provide answers to these issues which are of public interest,and which concern their conduct as public servants.
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