Special Investigating Unit on progress in NSFAS investigation with recovery of funding
7 February 2024
The Special Investigating Unit (SIU) has so far made a recovery totalling R737 926 351. The figure includes R688 220 611.56 in unallocated funds and signed acknowledgement of debt agreements of R49 705 739.60 as part of an investigation into the affairs of the National Student Financial Aid Scheme (NSFAS).
The unallocated funds are due to poor control systems and a lack of reconciliation processes by NSFAS and were not collected from institutions of higher learning. When approached by the SIU, the institutions cooperated, which led to a quick recovery process.
The SIU was presenting its findings to Parliament’s Standing Committee on Public Accounts (SCOPA) on Wednesday, 7 February 2024.
The SIU has so far recovered the following funds from institutions of Higher Learning: