Private school Han Academy is facing a "levy crisis," with parents complaining that after their children withdrew from school, they did not receive a refund of the HK$600,000 capital levy. Xu Li, founder of the Han Academy, stated today (Dec. 12) that the company operating school, Happy Life Education Foundation Limited, is in debt, amounting to about HK$100 million.
She emphasized that the school will persist in its operations and hopes to repay all debts with its capabilities.
Xu also mentioned that they are in discussions with investment institutions, acknowledging that earlier an investor donated HK$1 million to maintain the school's operations. However, she described the negotiations as a complex and lengthy process.
"The school will also cut costs, including student enrollment, fundraising, and closing the foundation's office. If additional funds cannot be obtained in time, the office will be vacated as early as next week."
The Education Bureau stated last night (Dec. 11) that they have been closely monitoring the management and financial situation of Han Academy and have received complaints from three parents regarding the school's failure to refund the capital levy. They immediately contacted and urged the school to promptly repay the amount according to the agreement.
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