In a blog post earlier this month, and in a subsequent Higher Education Supplement version of the post, I expressed doubt as to whether Raffles College of Design and Commerce, formerly known as KvB Institute of Technology, had current ‘central management and control’ in Australia. This was due to it now being owned by the Singapore-based Raffles Education Corporation. If it did not have this central management and control, amendments currently before the Parliament could lead to its students losing access to the FEE-HELP loan scheme.
The Higher Education Supplement and I have now received a letter from Professor Ron Newman, CEO and Chair of Raffles College of Design and Commerce, stating that it meets the requirements for FEE-HELP approval and therefore that they will be compliant with the new legal requirements.
Newman’s letter states that the members of the College’s Council all live in Australia, all but one of the eight members of the academic board live in Australia, three of the four company directors live in Australia, and it has a registered office in Sydney.
The issue here is what constitutes central management and control, but I agree that this sounds as close as is possible to central management and control being in Australia as is possible with 100% foreign ownership.
I’d note too that neither my post nor my article were intended to be criticisms of Raffles; only of the misguided policies of the former government that the current government was legislating to enforce.
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