Islands Business magazine reports university council chair Winston Thompson has established a team to investigate vice chancellor Pal Ahluwalia.
However, Mr Thompson has not specified the allegations against Prof Ahluwalia.
Last May, Prof Ahluwalia questioned contract renewals of at least 11 senior members of university staff.
He also questioned payments of professional and development leave.
Independent investigator BDO found four remuneration mechanisms at the university had been collectively exploited, leading to "significant cash leakages" over a number of years.
But the BDO report made no clear reference to breaches alleged by Prof Ahluwalia.