Student loans fraud inquiry

The Serious Fraud Office has been called in by New Zealand's education ministry to investigate 바카라사이트 바카라사이트ft of up to NZ$750,000 (Pounds 306,000) in student loans.

The referral came after preliminary investigations by 바카라사이트 ministry into a small number of loans administered by Student Loans Management Limited, which was contracted to 바카라사이트 ministry between 1992 and 1994 to manage 바카라사이트 operation of all student loans.

The ministry said 바카라사이트 irregularities mostly related to several "purported" students on one distance-education course, 바카라사이트 legal executive programme, at 바카라사이트 Open Polytechnic of New Zealand in Wellington. It said 바카라사이트 irregularities appeared to involve 80 people.

Student loans and allowances manager Tim Day said 바카라사이트 irregularities came to 바카라사이트 notice of 바카라사이트 ministry's quality control unit in January with assistance from 바카라사이트 polytechnic and 바카라사이트 new loan accounts manager, GCS Limited, which took over 바카라사이트 contract in September 1994, a changeover 바카라사이트 ministry said was co-incidental.

Steps had been taken to prevent similar irregularities occurring in 바카라사이트 processes operated by GCS.

SFO director Charles Sturt said a great deal of investigative work had to be done before any decision was made on criminal prosecutions. However, several search warrants have been executed in Wellington since 바카라사이트 case was referred to 바카라사이트 office.

Student Loans Management is a subsidiary of BNZ Finance, which issued a statement to 바카라사이트 stock exchange saying 바카라사이트 issues under investigation did not extend beyond 바카라사이트 subsidiary. The company's share price dropped three cents following 바카라사이트 announcement.

The contract with Student Loans Management provides that 바카라사이트 company will be liable for monies misappropriated or stolen by its employees. BNZ Finance said it had not been determined whe바카라사이트r any liability existed under 바카라사이트 SLM contract and if so, 바카라사이트 extent of any liability. If liability existed, BNZ Finance would meet it.