Ann: Dept reviews, 2015 reconciliation and VET-FEE HELP changes-SIT.AX, page-3

Fasterwater

I was right on the spot regarding the audit been the reason for hold up in payment.

The SIT announcement is clear.

Perhaps they either read HC or some of the holders were brave enough, called them and asked about ASQA/ACCC investigations which leaved SIT with no other option but issue ASX statement today.

One question remain. What is the time delay between ASQA informing SIT on their investigation and today's announcement.

Have they being informed this month or months ago? if months ago should ASIC look into it from the ASX reporting prospective?

If the Government will take the same road as with Careers Australia, I say there is not a chance of SIT receiving full amount. Perhaps half at the best or nothing at the worst and how long it will take before the audit will finish and payment is approved.

Would this investigation have any impact on Productivity Partners been granted approval to continue with VET under new rules in 2017?

This is a huge setback for a company which relay on 60% of their income from division under question with uncertain future.

Let's watch this space and hope it will not finish like Intuiri. From $1.30 in 2015 to $0.07 today.

Both had majority of income from the same sector and both got regulators attention.