Suspended Inseta CEO Gugu Mkhize.
The Organisation Undoing Tax Abuse (OUTA) has called for a full investigation into the Insurance Sector Education and Training Authority's (INSETA) student bursary fund after a preliminary investigation raised concerns over procurement, governance and financial management, including an almost 1,900% increase in the fund's approved budget during the 2024/25 financial year.
The civil society organisation has also called for the release of the general ledger for project INPROJ000369, saying it is needed to establish how the money was allocated and spent.
According to the report, the Insurance Sector Student Fund (ISSF) was managed internally between 2021 and 2024, with annual project values ranging between R18.6 million and R20 million.
OUTA alleges this changed dramatically in the 2024/25 financial year, when the approved project value increased to R442.78 million, while expenditure of R158.72 million was recorded under project code INPROJ000369.
