9 May 2006
The Open Polytechnic of New Zealand
Open Polytechnic and ACPET Reach Agreement
The Open Polytechnic of New Zealand and the Australian Council for Private Education and Training (ACPET) have reached an agreement to share the administration costs of relocating students from a liquidated private training provider owned by the Polytechnic in Australia.
The company, Stott's Correspondence College Australia, was a member of ACPET's Australian Student Tuition Assurance scheme that provides for the relocation of eligible students into other courses in the event of a private training provider going into liquidation.
Open Polytechnic Chief Executive Paul Grimwood said that the interests of students were his institution's first concern throughout its five-year ownership of Stott's College Australia.
"We made a huge commitment to turning the company around for the benefit of Australian learners but after losing $2.5 million over five years we could go no further.
"We sought to exit the company in a fair and managed way based on expert advice and believed that ACEPT would provide for the relocation of students.
"When ACPET conveyed to us the costs involved in the relocation effort, our Council agreed to ACPET's request that we share those costs."