SFO to investigate student association

Published: 2:45PM Wednesday August 15, 2012 Source: ONE News

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  Serious Fraud Office - Source: ONE News

The Serious Fraud Office is to investigate Auckland University Student's Association over allegations thousands of dollars of student money was misused.

Three Auckland University students have laid a complaint with the SFO this morning concerning transactions made between the student union, the Auckland University Students' Association, and its related entities.

They believe over $600,000 of transactions made by AUSA to a related business was improperly accounted for.

The students also believe the loans have been unlawfully capitalised by the related business in 2011.

The students claim the transactions jeopardise AUSA's solvency and its ability to provide services to students.

Assets and services at risk include 95bfm radio station, Shadows bar, Craccum magazine, funding for clubs, welfare services, student events and advocacy.

AUSA has 16,000 student members.

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