SIU makes further progress in NSFAS investigation with more than R737 million in recoveries

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Summary:

The Special Investigating Unit (SIU) has recovered R737,926,351, including R688,220,611.56 in unallocated funds and R49,705,739.60 in signed acknowledgement of debt agreements, as part of its investigation into the National Student Financial Aid Scheme (NSFAS). The SIU has also signed agreements with institutions and individuals who did not meet NSFAS funding criteria. The investigation revealed poor control systems and lack of reconciliation processes by NSFAS, leading to overpayments and underpayments. The SIU has also found dormant accounts on the Celbux system amounting to R320 million and inadequate capture of accommodation details. The SIU is authorized to investigate corruption and maladministration in NSFAS and recover financial losses suffered by the State. The unit has referred evidence of criminal conduct to the National Prosecuting Authority for further action.