Vocation Limited
(ASX:VET) says it has reached a further agreement with the Victorian Department of Education and Training regarding its sub-standard courses.
As part of the agreement Vocation will have to recall around 1,100 student qualifications and repay $8 million to the Department.
The recall affects students across four programs including Aged Care and Children’s Services. The repayments have been provisioned for within the 2015 first half results.
The deal follows an investigation last year which led to the recall of 3,500 qualifications while Vocation was forced to repay nearly $20 million in state government funding.
Vocation reported a net loss of $272.5 million for the first half of the 2015 financial year.
