Top Education Group's market cap collapsing: AG Speakman maintains silence with regards NSW Liberal Party funder to whom he granted licenses, statutory powers;meanwhile students suffer ,denied their rights as consumers
by Ganesh Sahathevan
1752:HKHong Kong
Hong Kong listed Top Education Group Ltd which operates the Sydney City Law School and a number of other colleges in NSW has seen its share price and market capitalization fall by about 20% in the past week.
The fall adds to the weakness inherent in the share price which has fallen from a high 96 HK Cents just after its IPO and listing in May last year, to roughly 30- 40 HK Cents since Octrouober last year.
This week the share price has gone sub-30.
Top Group advertises itself as the "first and only" private company to have been granted a licence by the Legal Profession Admission Board NSW to gtant LLB degrees.
The LPAB is chaired by the Chief Justice NSW Tom Bathurst and overseen by the Attorney General NSW Mark Speakman SC, who is also the elected Member for Cronualla.
It has been previously reported on this blog that the LPAB and Speakman issued Top Group the relevant licenses despite it being a privately owned business, and the financial history of its promoters.It has also been reported that Speakman's NSW Liberal Party received donations to a sum of AUD 44.275 from Top Group prior to and after the licenses were granted.
Together with that license comes statutory powers which allow Top Group and its management to issue adverse reports against any Law student who seeks admission to practice in NSW and Australia. Complaints from students, who are in fact customers who have paid large amounts in fees, to the AG and his officers, and the Chairman of the LPAB are disregarded and can in fact be turned against students. This type of behaviour by regulators is described in the literature as regulatory capture.
The collapse in Top Group's share price and the regulatory capture leave students exposed to the vagaries of these private businesses. It falls on Speakman and his premier, Gladys Berejiklian, to ensure that the interests of students as consumers are protected.
END
References
0.28HKD
Hong Kong listed Top Education Group Ltd which operates the Sydney City Law School and a number of other colleges in NSW has seen its share price and market capitalization fall by about 20% in the past week.
The fall adds to the weakness inherent in the share price which has fallen from a high 96 HK Cents just after its IPO and listing in May last year, to roughly 30- 40 HK Cents since Octrouober last year.
This week the share price has gone sub-30.
Top Group advertises itself as the "first and only" private company to have been granted a licence by the Legal Profession Admission Board NSW to gtant LLB degrees.
The LPAB is chaired by the Chief Justice NSW Tom Bathurst and overseen by the Attorney General NSW Mark Speakman SC, who is also the elected Member for Cronualla.
It has been previously reported on this blog that the LPAB and Speakman issued Top Group the relevant licenses despite it being a privately owned business, and the financial history of its promoters.It has also been reported that Speakman's NSW Liberal Party received donations to a sum of AUD 44.275 from Top Group prior to and after the licenses were granted.
Together with that license comes statutory powers which allow Top Group and its management to issue adverse reports against any Law student who seeks admission to practice in NSW and Australia. Complaints from students, who are in fact customers who have paid large amounts in fees, to the AG and his officers, and the Chairman of the LPAB are disregarded and can in fact be turned against students. This type of behaviour by regulators is described in the literature as regulatory capture.
The collapse in Top Group's share price and the regulatory capture leave students exposed to the vagaries of these private businesses. It falls on Speakman and his premier, Gladys Berejiklian, to ensure that the interests of students as consumers are protected.
END
References
NSW Libs received donations of $44,275 from TOP Education Group just before after TOP was granted the "first & only" license issued a private company to award law degrees: AG Speakman and his LPAB refuse to disclose all details in the LPAB Annual Reportss
Top Education Group share price movements require explanation from NSW LPAB, TEQSA,and AG Speakman; Top's declining cash flow from operations adds to worries
Top Group share price movements (HK Stock Exchange code 1752)
Over the past two weeks Top Group's share price has fallen below its previous 30-35 HK cent range. While it is true that the overall HKSE market has been volatile, the fact remains that the market cap this cofompany is falling and that that is of concern to the students who have placed reliance on the AG and his officers approval of the Company:
Share holder returns
| Industry | Market | ||
|---|---|---|---|
| 7 Day | -5.1% | -3.2% | -2.3% |
| 30 Day | -17.6% | -8.9% | -6.1% |
| 90 Day | -11.1% | -3.4% | -0.4% |
| 1 Year | -30.9%-30.9% | -24.3%-25.3% | -11.5%-14.3% |
Market Performance
7 Day Return
-5.1%
SEHK:1752
-3.2%
HK Consumer Services
-2.3%
HK Market
1 Year Return
-30.9%
SEHK:1752
-25.3%
HK Consumer Services
-14.3%
HK Market
1752 underperformed the Consumer Services industry which returned -24.6% over the past year.
1752 underperformed the Market in Hong Kong which returned -13.3% over the past year.
(Extracted on 14 May 2019 from link
https://simplywall.st/stocks/hk/consumer-services/hkg-1752/top-education-group-shares#share-price-and-news)
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