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August 28, 2012

ChinaCast Successfully Completes Formation of New Shanghai Wholly-Owned Foreign Entity
By Calvin Azuri
TMCnet Contributor

ChinaCast Education has successfully secured the Business License and Chops of ChinaCast (Beijing) Education Technology (CBET). By securing the Business License and Chops of CBET, ChinaCast will be able to take the legal ownership of Jiyang and Lianhe.



ChinaCast Education is one of the premier providers of post-secondary education and e-learning services in China.

"Securing the Beijing and Shanghai Chops is an important achievement for the company,” said Derek Feng, CEO. “With these Chops, we are now in a position to move forward in our efforts to unwind all illegal contracts and asset transfers that have occurred. We thank the local Chinese authorities for their support in our mission, and also thank all of our loyal employees and partners for their tireless and valuable service."

The stock of Wuhan Jiyang Education ("Jiyang"), a holding company of Hubei Industrial University (HIUBC), and China Lianhe ("Lianhe"), a holding company of Li Jiang College, was with CBET prior to the shares of both companies being illegally transferred by previous management in March 2012. 

The securing of the Business License and Chops of CBET follows the recapture of the Business License and Chops of the Yupei Training and ChinaCast Technology (Shanghai) by ChinaCast in May 2012.

Furthermore, ChinaCast will now operate from a newly formed Shanghai wholly-owned entity, which will be controlled by new management.

The company had first filed a lawsuit against Jiyang over the illegal transfer of shares of those entities operating the schools. Jiyang is the entity that both owns and operates the Wuhan-based HIUBC.


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Edited by Braden Becker

 

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