Students ask SFO to investigate AUSA

tania-lim

Wed Aug 15 2012 12:00:00 GMT+1200 (New Zealand Standard Time)

Students ask SFO to investigate AUSA

Wednesday, 15 August 2012, 10:28 am
Press Release: Tania Lim

MEDIA RELEASE -- FOR IMMEDIATE USE
10am -- 15.8.12

This morning three Auckland University students laid a complaint with the Serious Fraud Office concerning transactions made between their student union, the Auckland University Students' Association, and its related entities.

AUSA is an organisation of 16,000 student members.

The students have reason to believe that over $600,000 of related party transactions made by AUSA to a related business was improperly accounted for by that business or duly authorised by the executive of AUSA.

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

The students claim that these transactions bring the solvency of AUSA into question and jeopardise AUSA's 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.

The students urge the SFO to investigate this and any other instances of improper transactions within AUSA and its related entities as a matter of priority and public interest.

ENDS

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