Zhu Minshen's estate awarded his right to 120.320 Million Top Education Group shares-Value of shares enhanced by NSW LPAB & Chairman Bathurst's re-accreditation of Zhu & Top's law school in 2019 ; IPO was enabled by NSW LPAB's "one and only" approval in favour of Zhu

 by Ganesh Sahathevan 

 

The following has been disclosed in Top Education Group's 2020/2021 Annual Report: 

As disclosed in the Company’s announcement dated 30 April 2021, Dr. Minshen Zhu passed away on 28 April 2021. Pursuant to the Pre-IPO Performance Rights Plan Rules (as modified by the offer letter from the Company to Dr. Zhu dated 10 June 2017), Dr. Zhu was considered to be a Good Leaver. The Board has determined to issue a Non-Lapse Notice on 27 May 2021 that all of Dr. Zhu’s unvested Pre-IPO Performance Rights as of the date of the Non-Lapse Notice, being 60,160 Pre-IPO Performance Rights (equivalent to 120,320,000 Shares upon the full exercise of such rights), have not lapsed and all Vesting Conditions in respect of such rights are deemed to have been satisfied. Such rights form part of Dr. Zhu’s estate. The Pre-IPO Performance Rights granted to the grantees other than Dr. Minshen Zhu will be vested during a 3-year period, during which 33% of the total rights will be vested in each year. The grantee may exercise in whole or in part of all vested Pre-IPO Performance Rights at any time during the 15 years commencing from the date the Pre-IPO Performance Rights were issued.

Readers will recall that the approval of the NSW LPAB ,and its chairman Tom Bathurst, for what Zhu described as his "one and only" law school, was instrumental in Zhu and Top Group's 2018 IPO. 

As previously reported on this blog, the IPO relied heavily on NSW LPAB's approval.

In 2019 the NSW LPAB re-accredited Top Group's law school. Immediately after the school suspended enrolments, and that remains the case to this day: 

Zhu Minshen Top Group law school enrolments still frozen: Regulator NSW LPAB & its Chairman , the Chief Justice NSW Tom Bathurst, maintain silence, despite reaccrediting Zhu's law school in 2019 for five years

Had the NSW LPAB not reaccredited Zhu's law school the current and future value of the 120,320,000 shares are likely to be considerably less.

TO BE READ WITH 

Sunday, January 24, 2021

Zhu Minshen's law school has approval of TEQSA, the NSW LPAB (chaired by NSW Chief Justice Bathurst),but not certified by the Council Of Australian Law Deans -Inconsistency raises questions afresh about professional standards at the NSW LPAB, TEQSA and Law Council Australia

 by Ganesh Sahathevan 

From left to right: Prof Eugene Clark, Hon George Brandis, Dr Minshen Zhu

In "Silent Invasion" Professor Clive Hamilton describes how Zhu Minshen and his Top Education Institute(and other Chinese entities) interfere in Australian politics.The section on Zhu and Top begins :
"Few people noticed, but the fishy smell around Zhu Minshen's Top Education Institute was noticeable a few years before it began wafting from the front pages of the newspaper (such as the AFR in 2013)".

In 2012 the NSW Legal Profession Admission Board , a statutory body chaired by the Chief Justice NSW and under the purview of the Attorney General NSW ,began the process that led to Zhu and his Top Group being granted the "first and only" license to issue law degrees granted a private company that is not a university.

The notoriety that Zhu and Top Group had gained since 2013,and especially in 2016 seems to have been ignored in the process of evaluating Zhu's application, despite the very high standards of probity the LPAB ,the Chief Justice and the AG profess for anyone seeking admission to practice in NSW.


It has also been reported by this writer that

Zhu Minshen's new Chinese website says the Law Council of Australia "officially approved" Top Education Institute's application to issue law degrees


Now it has been discovered that Zhu Misnhen's Top Education Group Law School, also known as the Sydney City School Of Law, is not certified by the Council Of Australian Law Deans and its Australian Law Schools Standards Committee.

The Australian Law Schools Standards Committee (ALSSC) is established under Standard 12 of the Australian Law School Standards. The ALSSC’s functions are to:
consider and determine applications from law schools for certification as compliant with the Standards; and keep the Standards under review and to propose to CALD amendments from time to time.

The ALSSC is comprised of eight committee members from both within and outside the law school sector.

A list of the Australian Law Schools that are certified as at 9 March 2020 is available here.

https://cald.asn.au/wp-content/uploads/2020/10/Certified-Law-Schools-as-at-9-Mar-2020.pdf

Readers can see for themselves from the PDF link above that Zhu Misnhen's Top Education law school is not among those listed as being certified by the CALD.

That Zhu Minshen's law school has been approved by TEQSA, the NSW LPAB which is chaired by NSW Chief Justice Bathurst),but not certified by the Council Of Australian Law Deans is an inconsistency that raises questions afresh about professional standards at the NSW LPAB, TEQSA and Law Council Australia.

END



SEE ALSO
Zhu Minshen Top Group law school enrolments still frozen: Regulator NSW LPAB & its Chairman , the Chief Justice NSW Tom Bathurst, maintain silence, despite re-accrediting Zhu's law school in 2019 for five years