So just over a year ago the CEO was boasting how he had a personal wealth of 66 million. I also heard that same then ex CEO let the country a few months back.
Most of that money came from VET loans apparently.
This sort of rort just gets repeated over and over and every time there is millions of missing taxpayers money, CEOs in flashy cars who never seem to be accountable then vanish, staff and students left with less than nothing and no recourse, the money has all gone. These loans just create opportunities for people who see an easy way to get rich "There's a global pilot shortage! Never been a better time to learn to fly!" etc and then leave a trail of destruction, not only the staff and students who get shafted but the rest of the industry who have to pay higher prices to keep the suppliers afloat when they are left with bad debts, and the operators who have had to compete with these organisations whilst subsiding them with our taxes.
.And then the next one comes along...or sometimes the same characters...and round we go again.