China's Shantou University Denies Rumored Closure of Li Ka Shing Foundation Office
Xu Wei
DATE:  Nov 28 2017
/ SOURCE:  Yicai
China's Shantou University Denies Rumored Closure of Li Ka Shing Foundation Office China's Shantou University Denies Rumored Closure of Li Ka Shing Foundation Office

(Yicai Global) Nov. 28 -- Several staff members at the office of Li Ka Shing Foundation at Shantou University in Southeast China's Guangdong province have been assigned to work in other offices, and the foundation's operations at the university has not changed, said He Wenbiao, head of the university's administration department, when responding to the alleged closure of the foundation's office.

The office of Li Ka Shing Foundation at Shantou University has shut down, Ifeng.com reported earlier. The Hong Kong business magnate has always offered funding directly to schools, and refused the university's request that "the funds should reach the school through the university," the report alleged. The university opposed to direct payments to the school on the grounds that "employment of new professors and teachers and organization of public events by the school should be subject to the permission of the university," and Li pulled out of the sponsorship as the two sides could not reach a consensus on the matter, the report claimed.

The news is rather baffling, said a spokesperson of the foundation. The foundation moved separate offices to Shenzhen in line with national policies. We all know that Mr. Li devotes his life to supporting Shantou University, and he has set up special projects for the university at the foundation, the spokesperson said.

As the world's only public higher education institution sponsored by a private foundation, Shantou University was established in 1981 with the permission of the State Council. The total value of financial contributions the foundation made to the university is expected to exceed HKD8 billion (USD1.02 billion) next year.

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Keywords:   Hong Kong,Li Ka Shing,Magnitico Holdings,Shantou University