Raffles Edu: According to a Viet media report, Raffles Edu has criticized the VND75m fine imposed by the Viet govt for allowing Raffles Int’l Training Centre to illegally enroll and award Viet students overseas diplomas and degrees from Spore. The ministry ordered RITC to suspend advert, admission and cancel the courses, leaving many students in the lurch. This contributed to a 10-13% drop in revenues for the group in 4Q11, but was not addressed in the group’s recent results commentary.
The Than Nien news further alleged that in Oct 09, RITC was found forging the score records and English language certs of many students in order to qualify them for college courses in Spore. Stock is -0.9% to $0.525, still sitting above its resistance turned support at $0.49.
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