The admissions fraud case at well-known American universities is still ongoing. According to media reports, among these wealthy families, there is a girl involved in the case from China. Her family paid up to $6.5 million to "trader" William Singer (calculated based on the exchange rate at 8:30 pm on May 2, Approximately RMB 43.77 million). Yesterday morning, foreign media reported that Zhao Yusi, the client who was expelled from Stanford at the end of March 2019, has his father Zhao Tao, the chairman and actual controller of Buchang Pharmaceutical, an A-share listed company.
Background
U.S. admissions fraud case leads to rich man
Recently, the media exposed the largest admissions fraud case in the history of American universities. In this case, the FBI used 200 agents. After a year-long investigation and evidence collection, it was discovered that the parents involved were operating through a college admissions consulting company called The Key. . Currently, the company’s CEO, 58-year-old Californian William Singer, faces four charges and pleads guilty.
Investigators also discovered that William Singer set up a non-profit organization called the "Key Global Foundation" and used the organization to cover bribery. He secretly helped the "clients" by colluding with college sports coaches and test administrators. Kids cheat on college entrance exams.
Singer bribed school examiners by collecting money from parents so that their children could take exams at examination centers controlled by Singer. During the exam, the relevant personnel will "let go", or secretly change the answers, or hire gunmen to take the exam for them. The most outrageous thing is that Singer can even inform his children of their test scores in advance.
According to the information that has been revealed so far, dozens of celebrities and wealthy people are suspected of Singer's empty charity organization bribing college teachers or staff in order to increase the chances of their children's admission to prestigious schools.
Among the people involved in the case, there are many celebrities and Hollywood stars, such as Emmy Award winner Felicity Huffman, who has appeared in "Desperate Housewives", and Luo Xing, who has appeared in "Full House". Leigh Loughlin, etc. Among them, the generous "deal" of US$6.5 million from a Chinese family has attracted even more attention.
According to reports by foreign media such as the Los Angeles Times and the Daily Mail, it was Zhao Tao, the actual controller of Buchang Pharmaceuticals, who spent US$6.5 million through a financial advisor from Morgan Stanley. Contact William Singer. After collecting fees from Zhao Tao and his wife, Singer helped Zhao Tao's daughter enter Stanford University as a sailing student.
incident
Zhao Tao was accused of paying bribes to help girls enroll in school
The 2018 annual report shows that Zhao Tao holds 49.79% of the shares of Buchang Pharmaceutical through Buchang (Hong Kong) Holdings Co., Ltd. and Shoucheng International (Hong Kong) Co., Ltd., from Buchang Pharmaceutical Calculated based on the latest market value, Zhao Tao’s shares are worth approximately 14.1 billion.
In 2017, Zhao Yusi had a live broadcast on Douyu Live. At that time, Douyu introduced her as "sweeping the American college entrance examination , and was admitted to Stanford University with an ACT score of 33 and a TOEFL score of 111." During the live broadcast, she described herself as "the top scorer in the American college entrance examination" and an ordinary girl with four brothers and sisters. She said that if you have firm goals and work hard, getting into Stanford is not a dream.
Regarding Zhao Tao’s alleged bribery for his daughter’s admission to a prestigious American school, some media asked Pu Xiaoping, vice president and secretary of the board of directors of Buchang Pharmaceutical, for verification. Pu Xiaoping said that the company is studying the matter. He said that Buchang Pharmaceutical "is a company operating normally. The major shareholders are not closely related to us. The Shanghai Stock Exchange has not asked us yet. Everything is subject to the announcement."
reporters noted that in 2018, Zhao Tao’s annual salary was 1.3649 million yuan. In 2018, the company achieved operating income of 13.665 billion yuan, a decrease of 1.44% from the same period last year, and net profit attributable to shareholders of listed companies was 1.888 billion yuan, an increase of 15.29% from the same period last year.
According to the 2018 annual report, a reporter from Beiqing Daily found that during the reporting period, Buchang Pharmaceutical’s operating costs were 2.351 billion yuan, sales expenses were 8.036 billion yuan, management expenses were 657 million yuan, research and development expenses were only 480 million yuan, and financial expenses were 7026 Ten thousand yuan.
What can be compared at present is that Buchang Pharmaceutical's sales expenses far exceed those of similar companies, accounting for 58.81% of the company's operating income.Among the sales expenses of more than 8 billion yuan, marketing, academic promotion fees and consulting fees were 7.485 billion yuan, employee compensation was 281 million yuan, and channel and publicity fees were 177 million yuan.
(Source: Beijing Youth Daily)
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