While the school district's business company is winding down its overseas operations, the programs it launched in China with district money will now be run by a private company.
CINEC Education Group is taking over the school and the English program the district's company operated in China, said business company chief executive officer Brent Atkinson. The former school trustee is pleased with the arrangement because it means the programs will carry on.
"They are maintaining the continuity of the program by stepping into our shoes to fulfill our obligations," said Atkinson, who also noted that the provincial government approved CINEC as an operator.
But CINEC is not paying for ownership of the business company's operation in China, Atkinson said.
"The projected budget for 2013/14, with everything that's been going on with the ministry is not a positive budget, so they're taking it over basically on a projected break-even basis," said Atkinson. "If I was approached to by that company tomorrow for X number of dollars, I wouldn't be buying it as a business man. (CINEC vice-president) Harvey Su is buying it because he feels the same way as me about it. He wants to maintain the program for the students who are there and he wants to try and build it back up again."
The expected earnings for both offshore operations in the forthcoming year are not positive, he added.
"There are no assets," Atkinson said. "Look at the balance sheet."
As for other wind-down costs, Atkinson said, "My intention is that it's not going to end up costing the district any money."
One of Atkinson's concerns was for the students and the programs to be maintained in an orderly manner on behalf of the education of the students enrolled in the various programs, he said.
CINEC is a company of education consultants where former New Westminster assistant superintendent Russ Pacey was president. Pacey left the New Westminster school district, with a severance package, in 2006 for unknown reasons. CINEC could not be reached for comment or to confirm whether Pacey is still president. Atkinson has said in previous Record articles that CINEC's vice-president Harvey Su is the person the district's business company has dealt with.
"Harvey is the one who really brought the program to New West, and the reason he was willing to take it over at this point in time is because he has a direct involvement with Wenzhou, and he wants the program to continue on," Atkinson said.
The business company's partners in Korea will continue to operate the program in that country as well.
