Raffles Education faces $500,000 claim; EduTrust certification suspended on admin error
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In a separate bourse filing, the group announced that the Committee of Private Education suspended the EduTrust certification for Raffles College of Higher Education for six months.
PHOTO: RAFFLES EDUCATION
Mia Pei
SINGAPORE – NPS International School has filed a civil claim against Raffles Assets, a wholly owned subsidiary of Raffles Education Corp, the private education provider said on Sunday.
The international school is seeking a $500,000 refund of a deposit related to a letter of intent (LOI) entered into by both parties on a proposed lease of Raffles Assets’ property at 51 Merchant Road.
The group said Raffles Assets has been advised that the originating claim is “unmeritorious and groundless”.
Raffles Assets plans to defend the application and file a counterclaim against the international school for breach of the LOI, with damages to be assessed.
In a separate bourse filing on the same day, the group announced that the Committee for Private Education (CPE) suspended the EduTrust certification for Raffles College of Higher Education (RCHE) for six months until Feb 17, 2024.
The notice of suspension, issued last Friday, came after the group found out about an administrative oversight by an employee and reported it to CPE in July.
The employee’s error had led to inadequate fee protection of RCHE’s students under the Fee Protection Scheme. This suspension will apply to new students during this period and does not affect RCHE’s responsibilities towards its existing students, the group noted. Shares of Raffles Education closed 3.3% lower at 5.9 cents on Monday. THE BUSINESS TIMES
