The Top Group IPO relied heavily on the NSW LPAB's
approvals.Gordon Elkington of the NSW LPAB
who once promoted Australia's first listed
adult toy shop(ASX:SEX), played an important role.
It was reported earlier today that Zhu Misnhen's Top Group Ltd (!752:HK) law school has frozen enrolments (see story below).
Top Group's share price and market price collapsed almost immediately after it was listed on the HKEX, on the strength of approvals granted it by the NSW LPAB. The NSW LPAB approval is unique, for a private company that is not a university has never ever been granted the privilege of issuing LLB degrees that entitle degree holders admission to practise law in Australia .
The NSW LPAB is chaired by the Chief Justice Of NSW Tom Bathurst, and overseen by the Attorney General NSW, Mark Speakman. Both men have refused to respond to queries on the issue of Top Group's license.
They maintain their silence despite Top Group freezing its law school enrolments.Hong Kong and other investors are nevertheless entitled to answers from both men and their NSW LPAB.
TO BE READ WITH
Top Group law school freezing enrolments calls into question NSW public sector annual reports, and the work of NSW Audit
by Ganesh Sahathevan
As reported Zhu Minshen's Top Group IPO and listing on the Hong Kong Stock Exchange relied heavily on approvals obtained from the NSW Legal Profession Admission Board. The NSW LPAB then refused to answer a number of queries with regards the approvals granted Zhu Minshen.
Zhu continued to refer to the NSW LPAB and in his announcements to the HKEX. Investors could not be blamed for placing reliance on the pronouncements of the NSW LPAB given its standing in NSW, and in Australia. Its chairman is none other than the Chief Justice Of NSW, Tom Bathurst.
The NSW LPAB's pronouncements with regards Top Education Group are a matter of public record, and are easily accessible over the Net. There is much information about Top Group and its law school that can be gleaned from the NSW LPAB's annual reports, and as this writer has noted, the annual reports are deficient in their disclosures about Top and its law school.
The discovery that Top Education and Zhu Minshen have frozen enrolments in their law school is clearly price sensitive and investors may have been alerted to problems at Top Group had the NSW LPAB provided better disclosures; it did not and investors everywhere, including those who invest in NSW Government securities are entitled to discount information provided in NSW Government documents, including public sector annual reports. The reports are subject to annual audit by the NSW Auditor General, but as reported recently in the matter of iCare, the Auditor General's work is suspect. The matter of Top Group and the NSW LPAB adds to concerns about the NSW Government's annual reports, and the work of the Auditor General.
As reported Zhu Minshen's Top Group IPO and listing on the Hong Kong Stock Exchange relied heavily on approvals obtained from the NSW Legal Profession Admission Board. The NSW LPAB then refused to answer a number of queries with regards the approvals granted Zhu Minshen.
Zhu continued to refer to the NSW LPAB and in his announcements to the HKEX. Investors could not be blamed for placing reliance on the pronouncements of the NSW LPAB given its standing in NSW, and in Australia. Its chairman is none other than the Chief Justice Of NSW, Tom Bathurst.
The NSW LPAB's pronouncements with regards Top Education Group are a matter of public record, and are easily accessible over the Net. There is much information about Top Group and its law school that can be gleaned from the NSW LPAB's annual reports, and as this writer has noted, the annual reports are deficient in their disclosures about Top and its law school.
The discovery that Top Education and Zhu Minshen have frozen enrolments in their law school is clearly price sensitive and investors may have been alerted to problems at Top Group had the NSW LPAB provided better disclosures; it did not and investors everywhere, including those who invest in NSW Government securities are entitled to discount information provided in NSW Government documents, including public sector annual reports. The reports are subject to annual audit by the NSW Auditor General, but as reported recently in the matter of iCare, the Auditor General's work is suspect. The matter of Top Group and the NSW LPAB adds to concerns about the NSW Government's annual reports, and the work of the Auditor General.
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