Thursday, May 21, 2020

HK's Simply Wall St raises even more concerns about Zhu Minshen's Top Education Group's cashflow - Proper investigation of issues hindered by the effective immunity enjoyed by Chief Justice Tom Bathurst who granted Zhu the one and only license to grant law degrees

COMMENT

From the Simply Wall St stock analysis website:

Top Education Group has an accrual ratio of 0.44 for the year to December 2019. That means it didn’t generate anywhere near enough free cash flow to match its profit. Statistically speaking, that’s a real negative for future earnings. To wit, it produced free cash flow of AU$215k during the period, falling well short of its reported profit of AU$4.27m. Top Education Group’s free cash flow actually declined over the last year, but it may bounce back next year, since free cash flow is often more volatile than accounting profits.

As we have made quite clear, we’re a bit worried that Top Education Group didn’t back up the last year’s profit with free cashflow. As a result, we think it may well be the case that Top Education Group’s underlying earnings power is lower than its statutory profit.

Zhu Minshen's Top Group has been of concern to investors from the time it was listed in Hong Kong, despite TEQSA, the NSW Legal Profession Admission Board and the Law Council Australia backing. 

Meanwhile, as reported previously on this blog:
Zhu Minshen's Top Group NSW LPAB review "went smoothly" despite not providing a cashflow statement LPAB ignores cashflow despite massive fall in market cap, falling cash holdings
Chief Justice Bathurst and his NSW LPAB continue to maintain their silence, despite the slew of adverse reports about Top Group's financial position. The effective immunity they enjoy as a result of the chief justice's position provides that shield, which includes their capacity, as a judicial body,  to threaten persistent investigators like this writer with investigation for threatening and intimidatory behaviour, and harassment. They have already done so at least once, to defend their decisions concerning the College Of Law Sydney.


 TO BE READ WITH

Sunday, May 10, 2020

NSW and Australia the first and only jurisdiction in the world to grant a Chinese Communist Party linked entity the right to issue law degrees: The case of NSW LPAB Chairman Tom Bathurst & Zhu Minshen likely to attract scrutiny from Malaysia, Singapore and UK authorities;Bathurst conduct in the Malaysian affair will add to suspicion

by Ganesh Sahathevan


 
Ambassador Cheng Jingye Pays an Official Visit to the State of New
South Wales (2016/08/16)


The decision to grant Zhu Minshen and his Top Group the right to issue law degrees is exceptional not only in Australia but in the world.No other country is known to have granted a China controlled entity the privilege of overseeing the training and regulation of its lawyers.

While Australian authorities may be reluctant to say or do anything about the exception granted Zhu, regulatory authorities in especially Malaysia and Singapore are quite likely to have launched their own investigations into the matter given the security implications. Australian lawyers often find work in Malaysia and Singapore and are often engaged in complex, high end work. Security has not likely to have been an issue for these were graduates of well known universities of known heritage. Having lawyers trained in a Chinese linked organisation changes things, and raises questions about the types of links that these lawyers may have to Communist Party Of China entities.

Zhu Misnhen's Communist Party China links and political activities are an obvious red flag for any security agency, even if these are ignored in Australia. In his 2018 book "Silent Invasion" Professor Clive Hamilton reports that Top Education Group's Zhu Minshen organised students, including students from his Top Education Institute to protest against Tibetans at a 2008 Olympic Torch rally which counted towards the Top students’ assessment. As Hamilton put it, Zhu’s Top Institution is “perhaps the only accredited degree program in Australia that counts agitating for a foreign power towards its qualifications.”

Other Commonwealth jurisdictions are likely to be concerned as well, given that Australian admitted lawyers can seek admission to practise law in other Commonwealth jurisdictions with relative ease.

The United Kingdom is likely to be especially interested, given the number of Australian admitted lawyers that have sought work and admission in the UK over more than a century.

Zhu and Top owe their exalted position in Australia and NSW's legal establishment to the NSW Legal Profession Admission Board and its chairman, the NSW Chief Justice Tom Bathurst (pictured above) who granted Top and Zhu the license to issue law degrees and create lawyers for admission to practise in NSW and Australia.

The NSW LPAB and the Chief Justice are already under scrutiny in Malaysia, where the conduct of the College Of Law Sydney over which they have regulatory oversight, is being investigated. Issues of concern include the College's exaggerated claims about its historical contributions to the Malaysian legal profession. The NSW LPAB and Chief Justice Bathurst ignored information against the College provided by Malaysian authorities, including the Registrar of Malaysia's highest court, the Federal Court. They then attempted to discredit the investigation into the College's conduct led by this writer.
The Chief Justice has refused to answer all and any questions about his and the NSW LPAB's dealings with Zhu Minshen.

END


TO BE READ IWTH
NSW Chief Justice Tom Bathurst will soon admit to legal practise Zhu Minshen's law graduates: Bathurst met with China Ambassador Cheng Jingye in 2016 & must explain what was discussed; Cheng's threat to harm the Australian economy demands that Bathurst provide complete details of dealings with Cheng,and Zhu.

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