The decision by Top Group (1752:HK) to suspend enrolment into its law school after just 3 years of commencing operations and just as its first cohort is about to be admitted to practise raises questions for students, investors and the public about the processes involved in accrediting and then re-accrediting the Top Group law school.
As reported, the process of accreditation by the NSW Legal Profession Admission Board was led by one Dr Gordon Elkington, an 80s type corporate player who promoted the listing of Sharen Austen Ltd (ASX:SEX). That company collapsed with a year of listing despite its seemingly recession proof business ie the sale of sex toys.
These are issues that go to the operational, and ultimately financial risks introduced into the public sector by the NSW LPAB and its managers, including its board; the chairman of the NSW LPAB is the Chief Justice Of NSW Tom Bathurst. It is overseen by the AG NSW Mark Speakman, who has responsibility for tabling the NSW LPAB's annual reports in Parliament.
The NSW LPAB is an independent statutory body that is self-funded, but it is regardless part of the public sector. The costs of its mistakes will ultimately be borne by taxpayers, especially those in NSW. Given the circumstances one would think that the NSW Auditor General Margaret Crawford would be concerned, but as reported, Ms Crawford is not.
TO BE READ WITH
Top Group(1752:HK) IPO investors entitled to answers from the NSW LPAB & NSW AG Mark Speakman -Suspension of Top Group law school enrolments raises questions about the value of the IPO which relied on NSW LPAB & Speakman's granting Top Group its license to issue law degrees
Top Group(1752:HK) IPO investors entitled to answers from the NSW LPAB & NSW AG Mark Speakman -Suspension of Top Group law school enrolments raises questions about the value of the IPO which relied on NSW LPAB & Speakman's granting Top Group its license to issue law degrees
by Ganesh Sahathevan
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
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.
No comments:
Post a Comment