Modern Education Group received a letter from the Customs and Excise Department yesterday saying the Department of Justice had made an application on Saturday to the High Court for Modern Education (Hong Kong), a wholly owned subsidiary of the Modern Education Group, to be removed from a restraining order. On Friday, Modern Education (Hong Kong) was served a restraining order prohibiting the company from dealing with a bank account of a company named Noble Spirit Development. The letter from the Customs and Excise Department said the bank account belongs to an overseas-registered company that is not related to Modern Education (Hong Kong) but shares the same name as the former name of Modern Education (Hong Kong) prior to June 2004. Modern Education Group's share price plunged from HK$1.30 on August 5 to 99 Hong Kong cents on August 12. Modern Education Group, which listed on the Hong Kong Stock Exchange on July 4, provides tutoring services in Hong Kong.