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June 01, 2009

Ex-Nova President admits misuse of employee's funds but claims it was not a crime

NovaPresident.jpegNozumu Sahashi, the ex-President of Nova, has admitted diverting 320 million yen from the employee's mutual assistance fund to pay students who had cancelled contracts. However, he claims it was not a crime. He says he was using all money that was available, including large amounts of his won private funds, to pay refunds to students. Nova finally went bankrupt when it was unable to refund about 300,000 students that had made advance payments.

According to a report in the Mainichi Shimbun, Sahashi said in court,"There is no doubt about the facts. I deeply apologize for causing great trouble to many students and employees. But, I didn't know I wasn't allowed to use the funds."

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