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March 09, 2010
Why did GEOS Melbourne go into administration?
Let's Japan, quoting from a report by Ernst & Young, has made a revealing and detailed report on why GEOS Melbourne went into administration. GEOS Melbourne had actually been profitable for some time before it went into administration. The problem appears to be that money was being used to support other GEOS operations in Australia and in other parts of the world.
Let's Japan states: 'According to the Administrators, a school that was profitable for the past two and half years was making loans to a GEOS holding company with no prospect of those loans ever being repaid. The money is gone, funneled back to Japan and to other parts of GEOS.'
Click here for the report in Let's Japan.
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