SIU recovers over R33 million in allegedly stolen NSFAS funds
Especially in connection with “serious maladministration in connection with the affairs of the NSFAS” and the “unlawful appropriation and expenditure of public money or property” as the scheme is a publicly-funded one.
Northlink College, a technical and vocational tertiary institution, reportedly contacted the task force after it had received over R33 million in NSFAS payments and invested it without prior authorisation. The SIU does not include what the college made the investments in but since the government allocates NSFAS funds for students, usage of the funds for college infrastructure or similar without prior authorisation would be illegal.in its dealings with the anti-corruption enforcer.
However, the SIU says it will be calculating interest owed by the college from when the investments were initially made. Such interest would have to be paid into the SIU Trust Account.The SIU is in terms of Proclamation R88 of 2022 authorised by the President to investigate allegations of corruption and maladministration in the affairs of NSFAS, and to recover any financial losses suffered by the State through corruption and negligence,” the task force added.
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