Singapore News

News from Singapore

Defunct university agrees to repay millions in loans

Posted by jtsmyth8 on December 11, 2007

University of New South Wales (UNSW), which shut its Asia campus here early this year, has agreed to repay Singapore over $32 million in backed loans and grants, The Straits Times has learned. The settlement, announced on Tuesday, ends a tumultuous experiment for the Sydney-based university.

The school dropped a bombshell in May when it announced it was making a quick exit after just three months of classes – and after receiving $17.3 million in grants and $15 million in loans from the Government.

In September, the school said it might be forced into insolvency. Politicians raised concerns that that the Government might never see the $17.3 million in grant money again. (story)

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