by Ganesh Sahathevan
Mark Speakman AG is considered
a replacement for Gladys Berejiklian
The questions below were put by then Attorney General Senator George Brandis QC on Thursday, 1 September 2016. The then AG, who was also in charge of the Australian Security & Intelligence Organisation (ASIO),makes clear that he considers Zhu Minshen and his Top Education Group entities with links to the Chinese state. '
Senator BRANDIS (Queensland—Attorney-
Senator Dastyari's explanation, which ran to a mere 66 words, was woefully inadequate. It raised more questions than it answered. We now know that Senator Dastyari's benefactor, the Top Education Institute, is a Chinese company with links to the Chinese government, in particular through its principal, Minshen Zhu. Senator Dastyari must provide more information about this payment. He must explain to the Senate, as he significantly failed to do yesterday, why it is that this company paid a personal debt of his. What is the nature of his relationship with this company? Why has it chosen to act as Senator Dastyari's financial benefactor?
It is very important to emphasise that we are not talking about a political donation. This is the payment of a personal debt. Whether the Top Education Institute has made donations to political parties is not the issue here. Indeed, many of us have met Mr Minshen Zhu and had dealings with the Top Education Institute, but it appears that only Senator Sam Dastyari has accepted money from him in settlement of a personal debt. The issue is why this company is paying Senator Dastyari's personal debts.
In relation to the payment of a debt by Top Education Institute, I call upon Senator Dastyari to answer the following questions. What travel did the electorate staff overspend relate to? Which of his staff undertook the travel and for what purpose? What was the specific debt in relation to the electorate staff overspend; in other words, was it the sum, disclosed by Senator Dastyari, of $1,670.82 or was it a larger sum? On what date was—
Senator Conroy: I call a point of order on relevance. So far Senator Brandis has not at any stage mentioned Julie Bishop's $600,000 receipt of money to the Western Australian branch from a Chinese company that doesn't do business in Western Australia. So, unless Senator Brandis is prepared to address that, I ask you to call him to order on a relevance point.
The ACTING DEPUTY PRESIDENT ( Senator Sterle ): This is the address-in-reply. There is no reference of relevance, so there is no point of order. Before you go on, Senator Brandis, there is argy-bargy going across both sides of the chamber. Could I just ask for senators to control yourselves as much as you can for a little while longer.
Senator BRANDIS: Thank you very much, and let me emphasise once more, lest it be lost on Senator Conroy or others: our concern is that this was the payment of a personal debt. We make no criticism of the payment of a properly disclosed political donation. In fact, the very reason we have a regime that regulates and obliges the disclosure of political donations is to protect against the appearance of influence. But this is the payment of a personal debt, not a political donation, and what the parliament is entitled to know is: what was the specific nature of the debt? Was an invoice issued and on what date was the invoice issued? If an invoice was issued, Senator Dastyari should table it.
What were the available payment methods and what method did the senator elect to use to receive the payment? Was the payment of the debt made directly to the Department of Finance by the Top Education Institute or was it paid to Senator Dastyari or was it paid to some other person or entity? If it was paid to another person or entity, what was the name of that person or entity?
Was there only one payment or were there multiple payments? When was the debt discharged? Was the payment receipted and, if the payment was receipted, will Senator Dastyari table a copy of the receipt? Assuming the Top Education Institute made the payment directly to Senator Dastyari rather than to the Department of Finance, again we are entitled to know what the method of the payment was, whether there was only one payment or whether there were multiple payments and in what amount. If the payment was made into a bank account, what was the identity of the bank account to which the payment was made and who controls that bank account? If the person who controls the bank account is someone other than Senator Dastyari, who is that person or entity and what are Senator Dastyari's links to that person or entity? And, if such a payment was made to a bank account, what was the date of the payment or payments and the amount of the payment or payments? If the payment was made directly to the Department of Finance by Top Education Institute, how was the invoice brought to the attention of Top Education?
What conversations or correspondence were entered into between Senator Dastyari, his staff, the Department of Finance and the Top Education Institute? When and how did Senator Dastyari become aware that the payment had been made?
Senator Conroy interjecting—
Senator O'Sullivan interjecting—
The ACTING DEPUTY PRESIDENT ( Senator Sterle ): Senator Conroy and Senator O'Sullivan.
Senator BRANDIS: In his statement in the Register of Senators' Interests, Senator Dastyari said that there was 'support'. Why did the Top Education Institute agree to pay what appears to have been a personal debt? By whom was Top Education Institute approached? Senator Dastyari needs to come back into the chamber to explain the details of all conversations to which he was a party which made the arrangement for the payment by the Top Education Institute.
Senator Conroy interjecting—
The DEPUTY PRESIDENT: Senator Brandis, please resume your seat.
Senator Fawcett: Under standing order 197, a member has the right to be heard in silence. Senator Conroy is continuously and deliberately disobeying standing order 197.
The DEPUTY PRESIDENT: Senator Brandis has the right to be heard in silence. I would ask all senators to listen respectfully.
Senator BRANDIS: Let me return to where I was. Why did Top Education Institute agree to pay what appears to have been a personal debt? By whom was Top Education Institute approached? Senator Dastyari must provide information to the Senate of all conversations and table in the Senate all documents that evidence the agreement whereby this debt was paid by Top Education Institute. He must also tell the Senate who at Top Education Institute was involved in arranging the payment of his personal debt. What was the nature of Senator Dastyari's relationship with Top Education Institute and with Mr Minshen Zhu? Was Mr Minshen Zhu involved in the making of the payment? Was Senator Dastyari or were any members of his staff aware of Mr Zhu's involvement?
Senator Conroy interjecting—
The DEPUTY PRESIDENT: Once again, Senator Brandis has the right to be heard in silence. Please observe that standing order.
Senator BRANDIS: Was Senator Dastyari aware of Mr Zhu's links with the Chinese government? At a press conference on 17 June 2016, Senator Dastyari stood alongside Huang Xiangmo, Chairman of the Yuhu Group, which is a substantial political donor with a history with Senator Dastyari. This Tuesday, 30 August, Mr Huang was reported in The Australian Financial Review as having been quoted in Chinese media complaining that Australian MPs were 'not delivering' on donations from the Chinese community. Given the support for China's position on the South China Sea, delivered alongside Mr Huang in Sydney only this June, Senator Dastyari needs to answer whether he is in fact 'delivering' on the extensive support provided to him.
On 20 November 2014 Senator Dastyari disclosed on the Register of Senators' Interests 'support for settlement of outstanding legal matter provided by Yuhu Group Pty Ltd'. Once again, this is not a political donation but appears to be the provision of a personal financial benefit. In that regard, I bring to the attention of the Senate Senator Dastyari's declaration of the payment from Yuhu Group and ask Senator Dastyari to answer the following questions in relation to that financial benefit. What was the specific nature of the debt? What was the method of payment of the settlement amount? Was there only one payment or were there multiple payments? When was the settlement amount paid? How was it receipted? What was the method of payment? Was there only one payment or were there multiple payments?
Senator Conroy interjecting—
Senator O'Sullivan: Madam Deputy President, Senator Conroy is showing complete contempt for your authority in this chamber. You have asked three times for Senator Brandis to be heard in silence. We ask you to direct him now—
The DEPUTY PRESIDENT: Once again, I will ask people to respectfully listen to Senator Brandis. Senator Brandis, please resume.
Senator BRANDIS: Was the payment from Yuhu Group receipted and will Senator Dastyari table all relevant receipts? What was the method of that payment? Was there only one payment or were there multiple payments? If the payment was made into a bank account, to what bank account was the payment made and by whom is the bank account controlled? If the bank account is controlled by a person or entity other than Senator Dastyari, what is Senator Dastyari's link with that person or entity? On what date was the payment made? How was the matter brought to the attention of the Yuhu Group? What conversations or correspondence took place between Senator Dastyari or his staff and members of the Yuhu Group? And why was the Yuhu Group paying Senator Dastyari's personal debts in relation to a legal matter in any event?
Senator Conroy interjecting—
Senator Bernardi interjecting—
Senator Polley interjecting—
Senator Sinodinos interjecting—
The DEPUTY PRESIDENT: Senator Conroy, I would ask that you respectfully listen to Senator Brandis and for other senators also to listen. Some interjections are okay but this is becoming disorderly, so I would ask all of you to bear that in mind.
Senator BRANDIS: What was the nature of Senator Dastyari's relationship with the Yuhu Group? Why was it that they were paying his debts?
Senator Conroy interjecting—
Senator Fawcett: Madam Deputy President, a point of order: under standing order 203, Senator Conroy has now committed an offence because he is persistently and wilfully disregarding both the standing orders and your direction to him. Under standing order 184, you have an obligation to retain order in the Senate.
The DEPUTY PRESIDENT: That is a call that I make. I have asked for people to respond in a calm and orderly way and I will continue to do that. I ask, once again, that senators respect that and I ask that Senator Brandis continue.
Senator BRANDIS: I have referred the Senate to two disclosures on the Register of Senators' Interests in relation to Chinese or Chinese-linked entities, which both appear to be the payment of personal debts of Senator Dastyari. I stress again that we have no criticism to make of properly and regularly disclosed political donations by those entities—but it is one thing to make a political donation which is subject to a rigorous disclosure regime and to the integrity provisions of the Commonwealth Electoral Act; it is another thing for a senator to receive personal financial benefits and then to meet his disclosure obligations to the Senate in the most opaque imaginable fashion. It is, of course, a notorious fact that Senator Dastyari has recently taken some foreign policy positions in relation to China which are starkly at variance with the official positions of the Australian Labor Party. On 17 June, at a press conference for the Chinese media, to which I referred earlier, Senator Dastyari is reported as stating his support for China's position on the South China Sea:
The South China Sea is China's own affair. On this issue, Australia should remain neutral and respect China's decision.
This is a position that could not be more starkly at variance from the Labor Party position articulated by its then shadow minister for defence, Senator Conroy. Senator Dastyari is also quoted as urging Australia to drop its opposition to China's air defence zone in the South China Sea. On 2 June 2014 Senator Dastyari was cautioned by the chair of the Foreign Affairs, Defence and Trade Legislation Committee and the then defence minister, Senator Johnston, about the sensitive nature of questions he was asking the Secretary of the Department of Defence about Australia's position on the South China Sea—in particular, accusations of taking sides. The defence minister noted that the discussions were 'not in our national interest'. In a speech in the Senate on 17 March 2015 on the Asian Infrastructure Investment Bank, Senator Dastyari presented what he himself described as, in his words, 'the Chinese view'. Did Senator Dastyari's links with China influence him in presenting what he himself called 'the Chinese view' in a speech in the Senate?
Senator Dastyari's acceptance of personal benefits from an entity or entities with links to the Chinese state and the carefully opaque way in which the payments have been described in the Register of Senators' Interests raise the inevitable question of whether Senator Dastyari, whether advertently or unwittingly, has allowed himself to be compromised. This is a very serious matter. It is much more serious than, for instance, the allegations which were made against the member for Fadden, Mr Robert, which caused him to lose his position in the ministry. Senator Dastyari is an extremely influential figure in the alternative government of Australia. If he has been compromised, that is a very grave matter. It is incumbent upon Senator Dastyari now to provide to the Senate a full explanation of the affair, a full account of the nature of his dealings with these two Chinese companies, and, in particular, a full explanation as to why it was that they were paying personal debts of Senator Dastyari. It is for Mr Shorten to insist that Senator Dastyari do so.
SEE ALSO
Top Education Group
Top Education Group is a private higher education provider in Australia offering accredited undergraduate and postgraduate award courses in business and law. It entered the Australian international education industry in 2001, providing transitional, non-award classes for students under the name UNE International Academy. In 2009, it became accredited as a higher education institute under the name Top Education Institute to provide its first undergraduate award in business.
Since then, its Institute has expanded to encompass two academic divisions, TOP Business and TOP Law, with a total of 23 accredited undergraduate and postgraduate award courses, and 939 students enrolled at Institute with an equivalent full-time student load (EFTSL) of 836 for the second term of the academic year of 2017.
According to Ipsos, in 2015, the Group ranked 14th in terms of student enrolment by EFTSL among private non-university higher education providers (NUHEPs) in Australia and ranked third with a market share of 7.8% in terms of EFTSL of international students studying in Australia among business focused private NUHEPs which were operational and accredited as at 19 April 2018.
Its student population comprises mostly international students from China, students from China constituted more than 86% of its student headcount.
Based in Sydney, Australia, its Institute is committed to providing quality higher education in business and law. Its emphasis has been focused on providing undergraduate and postgraduate awards in business studies, including accounting courses accredited by major professional accounting bodies in Australia. In 2015, it expanded its offerings by establishing the first and only private non-university law school in Australia with a Bachelor of Laws course accredited by the LPAB.
| Market | Hong Kong (Main Board) |
| Business Nature | Commercial & Professional Services |
| Website | www.top.edu.au |
| Board Lot | 10,000 |
| Registrar & Transfer Office | Computershare Hong Kong Investor Services |
| No. of Offer Shares | 628m shares |
| No. of International Placing Shares | 566m shares |
| No. of HK Offer Shares | 62.84m shares |
| Offer Price | $0.27 - $0.37 |
| Nominal Value | HK$ 0.01 each |
| Stock Code | 1752 |
| Sole Sponsor | China Galaxy International Securities (Hong Kong) |
| Joint Global Coordinators | China Galaxy International Securities (Hong Kong), CCB International Capital, Essence International Securities (Hong Kong), AMTD Global Markets |
| Joint Bookrunners and Joint Lead Managers | China Galaxy International Securities (Hong Kong), CCB International Capital, Essence International Securities (Hong Kong), AMTD Global Markets, First Capital Securities, Ever-Long Securities, China Everbright Securities (HK), Lego Securities |
| Co-lead Managers | Long Asia Securities, Ballas Capital, China Goldjoy Securities, Huabang Securities |
| Application Period | Apr 27 (Fri) - Noon, May 3 (Thu) |
| Price Determination Date | On or Before 5pm, May 3 (Thu) |
| Result Announcement Date | On or Before May 10 (Thu) |
| Dispatch of Shares and Refund Cheques | On or Before May 10 (Thu) |
| Dealings in Shares commence on | May 11, 2018. (Fri) |
| Times of HK Offer Shares Subscription | 15X - 50X | 50X - 100X | Over 100X |
| % of total shares reallocated to HK Offer | 30% | 40% | 50% |
| Executive | Minshen Zhu (Chairman), Sumeng Cao |
| Non-Executive | Amen Kwai Ping Lee, Thomas Richard Seymour (Alternate Director: Kai Zhang), Jing Li |
| Independent Non-Executive | Weiping Wang, Brian James Stoddart, Tianye Wang, Steven Schwartz |
| Director Minshen Zhu and parties acting in concert | 33.95% |
| Xinjiang Guoli | 13.97% |
| PwC Nominees | 10.53% |
| Loyal Creation | 8.92% |
| (Year ended Jun 30) | |||
| 2018 * | 2017 | 2016 | |
| Revenue | 8,994 | 21,138 | 17,408 |
| Gross Profit | 5,214 | 11,161 | 9,353 |
| Pre-Taxed Profit | 1,610 | 6,769 | 4,957 |
| Attributable Profit for the period | 1,097 | 4,602 | 3,442 |
| EPS - Basic (cents) | 0.06 | 0.26 | 0.23 |
| * For the four months ended October 31, 2017. | |||
| Offer Price | $0.27 - $0.37 |
| Capitalization | $679m - $930m |
| Unaudited pro forma adj NAV / share | $0.06 - $0.12 |
| Assuming the offer price being at the mid-point of $0.32, the net proceeds raised would be HK$162.1m, of which: |
| * $66.5m (41.0%) for investments to expand presence in China and Australia by acquiring or investing in educational groups or institutions; |
| * $43.2m (26.7%) for establishing six student experience centres in China; |
| * $15.3m (9.4%) for upgrading campus infrastructure; |
| * $8.9m (5.5%) for expanding campus locations, which include acquiring new potential location in ATP, Sydney central business district, and in other Australian states; |
| * $8.0m (4.9%) for further development of SCDP; |
| * $7.1m (4.4%) for expanding sales and marketing activities; |
| * $5.0m (3.1%) for expanding research and scholarship activities; |
| * the balance of $8.1m (5.0%) as additional working capital. |
| No related information. |
| Code | Name | Nominal | Change | %Change | |
| 01752 | TOP EDUCATION |  | 0.305 | 0.000 | 0.000% |
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