Friday, March 13, 2020

Zhu Minshen's Sydney City School Of Law and parent Top Group (1752:HKEX)  especially exposed to Wuhan Virus induced  market instability : A student problem adds to the security issues caused by an approval which remains shrouded in mystery: Responsible state & Cth judicial  officers do not enjoy immunity, Cth AG Porter duty bound to investigate, interrogate 

by Ganesh Sahathevan

The chart above illustrates in a nutshell the collapse in share price  suffered by Zhu Minshen's Top Education Group Ltd (1752:HKEX) since its listing on the Hong Kong Stock Exchange (HKEX)  in April 2018.
Top Education Group is China focused, and that plus its HKEX listing means that it is, among all Australian tertiary institutions,  especially vulnerable to the adverse  economic and sharemarket consequences of the Wuhan Virus (now known as COVID-19).

TOP Group conducts its business in Australia pursuant to approvals provided by TEQSA.It offers a number of courses of study, but it is especially proud of its "one and only" license to grant law degrees. That fact was advertised prominently in its prospectus issued prior to its HKEX listing, and relied on by investors in its IPO.

Students mainly  from China are enrolled iat Top's Sydney City School Law in reliance also of approvals provided by the NSW Legal Profession Admission Board, which is chaired by the Chief Justice Of NSW Tom Bathurst  and overseen by the state Attorney General Mark Speakman SC.

Given the ongoing problems (see below) that have now been aggravated by the Wuhan Virus, The Chief Justice of NSW Tom Bathurst and AG Mark Speakman, as well TEQSA Chief Commissioner Nicholas Saunders can be expected to provide Top students some sort of assurance if not assistance but nothing has been said.

Their silence adds to the mystery surrounding the approvals they granted Zhu Minshen and Top Group. That mystery, as explained on this blog, has security implications which need to be resolved by the Commonwealth Attorney General Christian Porter. Interrogating Mr Bathurst, as well as the Attorney General NSW Mark Speakman is probably unavoidable, and their positions of authority  in the NSW and Australian judicial systems should not stand in the way. In granting  Zhu Minshen his approvals  both men exercised powers external to their judicial powers, and hence they cannot claim any sort of immunity.



Top Group IPO a classic case of license trading: Post IPO spike & collapse in market cap raises obvious questions about any political party beneficiaries ,but Peter Hall & ICAC not interested

by Ganesh Sahathevan

The graph above shows the movements in Zhu Minshen's Top Group's share price since its IPO and listing on the Hong Kong Stock Exchange.

It is easy to see that there was an initial spike after which share price and market capitalisation collapsed.

Anyone familiar with Asian markets will see that the Top Group listing and movement in share price follows the well trodden path of companies that list as soon as hard to get approvals are obtained and then sold via an IPO. In the case of Top Group the relevant approval was the "first and only" license to grant Australian law degrees granted a private company, granted by the NSW Legal Profession Admission Board,after consultation with the Law Council Australia.

It has already been shown on this blog that the granting of that license coincided with donations from Top and Zhu to the NSW Liberal Party. Consequently a inquiry into who the beneficiaries of the IPO were seems a logical step for an inquiry into political donations in NSW, but not it seems for Peter Hall QC and ICAC.

Peter Hall QC and ICAC have been provided information about Top Group by Dr Amen Lee, but ICAC will still not call Zhu Minshen


TOP Education Institute's Bachelor of Laws : Political donations,HK Stock Exchange IPO seem to have left regulators confounded, speechless


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