A group of parents filed complaints with the police in December, saying Han Academy had failed to repay them as promised after their children left the Wong Chuk Hang school.
According to the institution’s website, parents who enroll their children from the 2020-21 academic year must join a capital contribution scheme. One of the options was a debenture of HK$600,000, with HK$45,000 deducted every year and the remaining amount refunded when the student leaves the school.
School founder Xu Li said in a social media post that a white knight investor has stepped in and debt restructuring is proceeding at Han Academy.
The school’s operating body has made four installment payments to its creditors and is expected to fully repay all debentures purchased by parents of former students by the end of this year, she said.
Police said they had received 19 complaints regarding the issue as of Monday, involving HK$21 million in total.
The case is listed as request for police investigation, and no arrests were made.
In response to media enquiries, the Education Bureau said it has been monitoring the school’s operating and financial situation.
It noted it has urged the school to properly handle parents’ enquiries, warning that it will take serious follow-up action if the school was found to have made false statements.
