by Ganesh Sahathevan
In 2019 this writer brought to readers attention how the then Chief Commissioner of TEQSA, Nick Saunders, granted Zhu Misnhen's Top Group permission to open a branch campus in Hobart, and increase Sydney student numbers despite the sharp fall in market capitalisation, from which it has never recovered, just after its IPO on the Hong Kong Stock Exchange.
Saunders seems to have failed to subject Zhu Minshen's Top Group to a financial assessment, as he was required to do pursuant to TEQSA's own guidelines, despite market capitalisation crashing in tandem with share price by almost 70% post IPO .
The peak just after IPO in April 2018 was reached in May 2019, at a share price of HK 0.89 Cents and market capitalisation of HK 2.2 Billion. By October 2018 share price had collapsed to HK 0.30 Cents and market capitalisation to roughly HK 750 Million.
The responsibility of ensuring that the interests of Top Group students is protected in accordance with Australian laws regulations now falls to new TEQSA chief Peter Coaldrake the new CEO Alistair Maclean. The need for action is urgent, for Top's share price and market capitalisation have just last week sunk to new lows.
TO BE READ WITH
Thursday, March 18, 2021
Zhu Minshen's Top Education Group sinks to new low of HK 0.22 cents: Top will not comment on suspension of law school enrolments because it might be price sensitive
by Ganesh Sahathevan '
Zhu Minshen's Top Education Group Ltd's share price sank to a new low of HK 0.22 Cents this morning, before recovering to its previous low of HK 0.23 Cents.
Top Group has been trading under the nameAustralian National Institute of Management and Commerce (IMC) since 2019.
Peter Eddy, Provost at Australian National Institute of Management and Commerce (IMC), who approached this writer, has refused to say anything about the suspension of enrolments in Top's Sydney City School Of Law. In his words:
"I won't provide answers to your questions about the law school. That might be price sensitive."
TO BE READ WITH
Is Zhu Minshen's Top Group going the way of Gordon Elkington 's ASX:SEX ?
by Ganesh Sahathevan
Zhu Minshen's Top Group share price continues to slide and test new lows. Meanwhile Top Group continues to differentiate itself by reference to its "one and only" license to issues Australian law degrees. As mentioned previously, the issuance of that license raises many questions, especially of the regulators, the NSW LPAB , which is chaired by the Chief Justice Of NSW Tom Bathurst, and TESQA.
The NSW LPAB was primarily responsible for the issuance of the license to issue law degrees, and as mentioned before, the NSW LPAB delegated its member Dr Gordon Elkington to oversee the approval process. Not mentioned in the LPAB's reports is Elkington's corporate history, which includes the short lived ASX:SEX.
Top Group seems to be on a similar trajectory to Elkington's company.
TO BE READ WITH
Tuesday, August 11, 2020
Students, investors, the public (and real auditors) would be interested to know why NSW LPAB chose Gordon Elkington (formerly ASX:SEX) to lead the Top Group law school approval project
by Ganesh Sahathevan
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 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.
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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.
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