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Bullboard - Stock Discussion Forum KGIC Inc LGLTF

"KGIC Inc is an educational organization based in Canada. The company owns and operates private English as a second language school, career colleges and community colleges in Toronto, Vancouver, and Victoria."

GREY:LGLTF - Post Discussion

KGIC Inc > Subject: Reporting corrupted business practice of KGIC Inc.
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Post by schoolboy on Jun 27, 2016 1:58pm

Subject: Reporting corrupted business practice of KGIC Inc.

I received this by email today.
 
Dear fellow agents, recruiters, and education partners,
 
With the financial crisis in many parts of the world, we are encountering difficulty in student recruitment. Many of our institution partners have provided assistance to overcome this obstacle by providing attractive new programs, new promotions, and competitive prices. 
 
We have been in student recruiting business for over 30 years, but now we are faced with a situation which we never experienced in the past, and it involves an institution which is currently going through a financial crisis of its own. We have official agreements with KGIC INC schools, and we are a legitimate agency, and we have been recruiting international students on behalf of King George International College and other KGIC INC schools for many years.
 
KGIC INC formally known as the Loyalist group which operates KGIC, PGIC, MTI, SEC, UIS and CAC in Canada is involved in unethical business practices. Our company has paid $506,148 CAD to Loyalist group on February 24th, 2015 as a summer camp refundable deposit.   The Loyalist group was unable to accommodate our students for the summer camp and promised us total refund of $506,148 CAD. 
During the past year, Loyalist group’s CEO and the management team has changed 3 times, and they have used their internal financial and bureaucratic problems as justification to avoid responsibility owing to the agencies and students. 
  
We have not received the summer camp refund, yet they are requesting tuition payments for our current students who are enrolled in KGIC INC schools.   We have tried to communicate with KGIC INC’s management to resolve this issue, but our requests have been denied.
KGIC INC still owes us $506,148 CAD from camp refund, and it does not make sense for us to pay tuition to KGIC INC again when they are holding on to our refund for over a year. Our refund amount excesses our AR amount; furthermore, we fear that we will never get our refund back.
 
We strongly believe that we are not the only victim of KGIC INC’s corrupted business practices.  Our commissions and student tuition refunds has been delayed for over an year, and our recruiters are receiving threatening calls from homestays and students because homestay fees paid to KGIC INC’s school has not been paid to homestays on time.   
We are going to take a stand against KGIC INC, and we would like your voices to be heard.  Please send us all delayed homestay fee payment, refund, commission cases related to KGIC INC schools.
 
We will collect and organize all cases, and we will approach all governing bodies including CIC, LC, PCTIA, MTCU, and Ministry of Education. 
 
 
Uhak.com Management
Comment by 60606060 on Jun 27, 2016 2:46pm
Uhak was sold so who's responsible for the refund-not KGIC.
Comment by InternalAudit68 on Jun 27, 2016 3:30pm
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Comment by InternalAudit68 on Jun 27, 2016 3:32pm
This post has been removed in accordance with Community Policy
Comment by InternalAudit68 on Jun 27, 2016 3:34pm
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Comment by schoolboy on Jun 27, 2016 3:52pm
It seems unlikely that a debt that size would be overlooked when they structured the deal. If Uhak.com thinks the debt legally exists, it probably does. Anyway, you can't screw one of the biggest agencies in your most important market and expect to continue doing business as usual. 
Comment by InternalAudit68 on Jun 27, 2016 3:59pm
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Comment by InternalAudit68 on Jun 27, 2016 4:02pm
This post has been removed in accordance with Community Policy