Apax Leaders has proposed to pay tuition fees to parents, no later than October this year, after announcing its insolvency.
The information was stated by Mr. Ho Tan Minh, Chief of Office of the Department of Education and Training of Ho Chi Minh City, at a press conference providing information on the city's socio-economic issues on the afternoon of January 25.
According to Mr. Minh, at the end of December 2023, when working with the Department, Apax Leaders proposed a plan to use 20% of profits from revenue at operating centers to pay tuition debts for parents, no later than October 2024.
"The Department has repeatedly requested investors to commit to timely tuition refunds and ensure the quality of education for licensed centers," said Mr. Minh, adding that Apax Leaders only has two centers operating in Phu Nhuan District and District 6. The unit also owes teachers, staff, and rent for these two centers.
Previously, on January 9, Mr. Nguyen Ngoc Thuy, Chairman of Egroup and General Director of Apax Leaders, said that this unit lost the ability to refund fees and encountered "special difficulties" when some centers in Ho Chi Minh City had to temporarily close due to a group of parents coming to surround and demand their tuition fees back.
Parents wait at Apax center, Phu Nhuan district, to demand money on October 12. Photo: Le Nguyen
Apax Leaders is a chain of English centers for children, licensed since 2016. On the website, this unit said it has 120 centers nationwide, with about 120,000 students.
In 2020 and 2021, many parents paid for their children to study English at Apax but had to stop because the centers were closed. After many negotiations, Apax divided them into two groups with different repayment schedules. Many parents in group 1 received their full money back, through three installments, lasting from June to August last year.
Group two was promised to pay back the tuition fees in five installments, each of 20%, expected from October 2023 to April 2024. However, this group of parents still did not receive the money. Hundreds of people went to Apax's center in Phu Nhuan district to demand it. Apax proposed a new repayment schedule, extending until the end of 2025, before announcing its insolvency.
Le Nguyen
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