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Kelly Hill School Scandal | 200 million yuan bonds turned into waste paper, parents reprimanded for indulging in "restaurant-style liquidation"

2021-11-19T08:51:57.967Z


The noble private school Hong Kong Kelly Hill School broke out in a financial scandal earlier this year. The former operator had debts of more than 300 million yuan and owed salaries and rents to employees. Parents bought bonds totaling more than 200 million yuan and have not been refunded so far. More than 20


The noble private school Hong Kong Kelly Hill School broke out in a financial scandal earlier this year. The former operator had debts of more than 300 million yuan and owed salaries and rents to employees. Parents bought bonds totaling more than 200 million yuan and have not been refunded so far.


More than 20 parents who were unable to return the bond held a press conference on Friday (19th). Some of them received a refund check but were bombed.

The parents demanded that the school affiliated company pay back the money, and urged the government to thoroughly investigate the disorder in the Kailishan School and revoke the school license.


Yao Jiening, a community officer and surveyor of Democracy Thinking, said that the Education Bureau cannot shirk its responsibilities and allows schools to operate as "restaurant liquidation-free" operations.


More than 20 parents held a press conference on Friday (19th) and stated that they could not return the bonds of Kelly Hill School in Hong Kong. Among them, parents expected to lose tens of millions.

(Photo by Li Yinglin)

Some parents lost more than tens of millions

After the Hong Kong Kelly Hill School scandal broke out, many parents were unable to return Kelly Hill School bonds.

The school has issued bonds with a total value of more than 200 million yuan, each with a face value ranging from 1.92 million to 3 million yuan, with parents holding 10 million yuan in bonds.

More than 30 parents have reported the incident to the police and the crime team will follow up.

Parent Zhang Tai pointed out that the school staff originally promoted the bond with "guaranteed places", saying that in the future, they would be refunded in full, and that they would be admitted to Kelly Hill School in the United Kingdom as a solicitation, before she decided to buy it.

After the school broke out in chaos at the beginning of this year, she asked for the bond to be returned, but the school only pushed the problem forward to the operator Mount Kelly International Limited (now known as PM Education Operation Limited).

The parent, Mrs. Zhang, has filed a complaint with the Education Bureau and reported the incident to the Education Bureau, and has yet to receive substantial assistance.

(Photo by Li Yinglin)

Parents of recipients newly opened company scolded for a facelift and enrollment

Zhang Taizhi has lodged a complaint and reported the incident to the Education Bureau and has not received any substantial assistance. The Education Bureau has even pointed out that the bond issue has nothing to do with the Bureau, describing it as "the sky should not be heard, and the land should not be heard."

After the two affiliated companies of the school were liquidated earlier, the person in charge Chen Jiner who took over opened the "China Hong Kong Kailishan School Co., Ltd." in recent months, and plans to hold enrollment activities tomorrow.

Mrs. Zhang was dissatisfied with the school's failure to resolve the debt problem, but changed its face to recruit students, asking the government to investigate the incident across departments and punish the offenders in accordance with the law.

The parent, Mr. Wu, said that the school had promised to return two bonds worth 3.84 million yuan in installments, but the two cheques received in the second installment were "bombed". Since then, no news has been received from the school.

(Photo by Li Yinglin)

Before the scandal, refunds for school withdrawal bonds are still bombed

Another parent, Mr. Wu, dropped out of her daughter as early as April 2020, before the school chaos broke out, and asked for the refund of two bonds worth 3.84 million yuan.

The school delayed until the initial instalment repayment in 2021, but Mr. Wu only successfully received the first instalment of 640,000 yuan, and the two cheques in the second instalment were "bombed". Since then, no news has been received from the school.

He pointed out that the school said that it would set up school buildings in Tuen Mun and Hung Hom before purchasing the bonds, but in the end both school buildings were not built, and the bonds were reduced to waste paper.

The parent Miss Liu also pointed out that she was choked for a while when she talked about the decline in the quality of teaching after the school started this year.

(Photo by Li Yinglin)

Refers to the school saying that the bond is transferable after three years. Parents choked for a while

The parent, Ms. Liu, also pointed out that the school once said that holding the bonds could be transferred after three years, but the staff later replied that "the contract was not written."

Miss Liu talked about the decline in teaching quality after the beginning of this year, and she was helpless and choked for a while.

In addition to the bond issue, Kelly Hill also suspected of violating the "Education Ordinance" and overcharging.

The Education Bureau replied to "Hong Kong 01" earlier that it had not approved the school to charge an entrance deposit equivalent to three months of tuition. However, the parent Mrs. Zhang confirmed that the school had charged her with the relevant fees. Ms. Liu quoted another parent's experience and pointed out that someone Three-year tuition fees were collected by the staff in one go.

Democracy Community Officer and surveyor Yao Jiening said that since September, dozens of parents have asked for help on Kailishan School’s problems. Some of them claimed that the school had charged 50,000 yuan for tuition on the grounds that the children were naughty. And was asked to buy more bonds.

Yao Jieying emphasized that the Education Bureau should not use private schools as an excuse to allow schools to operate as a "restaurant liquidation exemption type". He also accused Hong Kong Kailishan of abusing the school's franchise rights, and the bureau should consider revoking its education license.

She also pointed out that both the former and current operators of Mount Kelly in Hong Kong should fulfill their bond obligations. She also criticized the fermenting of the Mount Kelly Incident in the United Kingdom and refused to provide the franchise agreement signed with the Hong Kong school. She is a bondholder of Hong Kong. regardless of.

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Mak Ching-huan, a lawyer for democratic thinking, pointed out that the Hong Kong school is only a franchise, but in the past it used the "Sister Branch School" of Mount Kelly in the United Kingdom to solicit, which is suspected of violating the Trade Descriptions Ordinance.

Zhu Bailing, a lawyer for democratic thinking, pointed out that the bonds of Kelly Hill School are different from ordinary ones. They have no maturity date and depreciation clauses. Even if the parents successfully return the bonds, they will not be able to get the full principal back. Parents are urged to pay attention to the terms before buying the bonds. .

"Hong Kong 01" is making inquiries with the Education Bureau on the issue of Kelly Hill school bonds.

At the beginning of this year, Kelly Hill School in Hong Kong was reported to be in arrears with employees' salaries. The school was temporarily shut down in June. More than 70 employees sought compensation from the Labour Tribunal, and a large number of parents were unable to return the bonds to report the case.

The founder of the school, Wang Baixian, accepted an interview with "Hong Kong 01" in August and said that the refund of the bond was nearly complete, but a large number of parents pointed out that they had never received a refund.

Mount Kelly Foundation Limited, a company mainly responsible for school bonds, was ordered to wind up by the Higher People's Court in July. The former school operator Mount Kelly International Limited (now known as PM Education Operation Limited) initiated the winding-up procedure earlier. The creditors meeting documents disclosed that the company has a debt of 300 million. With only RMB 7,000 left in cash, more than RMB 60 million of debt is in bonds.

The representative of the liquidator of Mount Kelly Foundation also attended the press conference on the 19th and said that the company's debt related to bonds was about 160 million yuan.

Kelly Hills announced that it had cut the Guanyong school premises for the kindergarten course. Kelly Hills Kindergarten Kwanyong school building was ordered to be repossessed by the end of the month. The Kelly Hills affiliated company was closed without warning. The debt was 300 million and the cash left was 7000. Parents: School Debts Frozen Water Kelly Hills School Survey 1|Wages, rent and debts were liquidated Founder Wang Baixian failed to explain Kelly Hills School Survey 2|Brothers broke up and mutually repudiated the misappropriation of public funds Kelly Hill School Investigation・3|Founder Wang Baixian was imprisoned for fraud and once said that he would leave Hong Kong forever

01News

Source: hk1

All news articles on 2021-11-19

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