News editor’s note: This story has been updated to reflect the fact that while the University of KwaZulu-Natal (UKZN) says there was never any investigation into claims of financial mismanagement or the theft of funds by Siphelele Nguse, as claimed by his fellow students. It further confirmed there is no record of him being prosecuted or found guilty of allegations of this nature.Nguse has written a letter to outline his version of events in full. You can read it here.Durban – The Student Representative Council [SRC] president of the University of KwaZulu-Natal's Pietermaritzburg campus has been suspended for alleged fraud and corruption.The president, Siphelele Nguse, has denied the allegations saying there is no evidence."We are still waiting to hear what did I do. I know that they don't have the evidence and I will pursue legal action against them for defamation of character because I am innocent," said Nguse.News24 is in possession of an email dated June 14, which states that the SRC had taken a decision to suspend Nguse.The email reads, "As the PMB SRC we would like to inform you that yesterday [June 13] we had a meeting in which we resolved that the president of the SRC Siphelele Nguse is suspended with immediate effect due to serious allegations of fraud and corruption."In addition to these allegations his disrespectful behaviour, which included insulting other SRC members in the meeting, made it difficult for the SRC to function. As from now, we do not expect him to do or say anything on behalf of the SRC."Sensitive caseAn SRC member who was one of seven people present during the meeting said the allegations were serious.Secretary of the Young Communist League Nhlakanipho Ndlovu confirmed that a decision was taken on June 13 to suspend Nguse."It has not been officially confirmed by the university but we as the SRC no longer view him as the president because these allegations are serious."Ndlovu would not divulge the nature of the allegations saying because of the sensitivity of the case, he could not divulge the information to the media but that the evidence had been handed over to the university."We are very disappointed in him because he was our leader and we looked up to him and we never thought he could be involved in fraudulent and corrupt activity."He said the SRC would not open a case with the police and preferred to deal with the matter internally with the university.'Non-stop' partyingAnother SRC member, Aaron Ndlovu, said the SRC adopted a zero tolerance stance on fraud and corruption."Whether you are the president or any other member, we will launch an investigation and investigate the allegations levelled against you like we have done here."Ndlovu said Nguse had the right to deny the allegations but that the evidence would prove them true.A student with intimate information on the case told News24 on condition of anonymity that Nguse allegedly spent some of the SRC's budget on parties."Apparently he stole R400 000 from the university which was meant for the students."This is money that was meant to keep the SRC going and help the SRC host events for students. We heard that they went on trips and partied non-stop," claimed the source.UKZN was not immediately available for comment.