Category: Eikaiwa

A stock speculator arrested for alleged market manipulation has claimed to have had links with two tax haven-based funds ousted NOVA Corp. President Nozomu Sahashi had been trying to get to prop up the failed English conversation school chain, the Mainichi has learned. Haruo Nishida, 57, the speculator arrested by the Osaka District Public Prosecutors…

Former NOVA Corp. President Nozomu Sahashi and his family’s stake in the failed language school operator declined from over 70 percent to less than 20 percent over a two-week period in September without a legally required report, it emerged on Monday. Receivers for NOVA are considering filing a criminal complaint with law enforcers against Sahashi…

NOVA Corp., Japan’s largest English conversation school chain, applied for court protection from creditors late last week under the Corporate Rehabilitation Law. The group simultaneously announced that it would temporarily close all of its 900 schools, affecting approximately 400,000 students. The failure of the largest language school in history will have a huge impact on…

Court-appointed receivers for NOVA Corp., the failed operator of Japan’s largest English conversation school chain, said they have asked the government regulator to cooperate in supporting students and bailing out the firm. The two lawyers, Toshiaki Higashibatake and Noriaki Takahashi, made the requests in a meeting Monday with high-ranking officials of the Economy, Trade and…

Embattled English language conversation chain NOVA Corp. is attracting attention for the murkiness of its share trading, its receivers said over the weekend. Some management records have disappeared and wild fluctuations in its share price have been pointed out as appearing unnatural. There have also been claims that efforts to secure capital before it applied…

Nova Corp. funnelled about 100 million yen over seven years to March to a foundation under the jurisdiction of the Foreign Ministry at which former Nova president Nozomu Sahashi acts as managing director under the pretense of buying and selling teaching materials, sources said Sunday. While Nova did develop teaching materials and conducted a certification…

The decision Friday by Nova Corp., the nation’s largest foreign language conversation school chain, to file for court protection can be put down to the growing stress on its operations caused by its rapid growth. The bigger the Osaka-based company grew, the more obvious were its weaknesses under the leadership of its former president, Nozomu…

In the wake of Nova Corp.’s filing for court protection Friday, employees said that although they were anxious over their livelihoods, they were relieved to no longer have to cope with a barrage of complaints from students and teachers. Nova, the nation’s largest English-language school chain, applied for protection under the Corporate Rehabilitation Law with…

The New Zealand embassy in Japan says hundreds of New Zealanders have been caught out by the closure of the country’s biggest English language school chain. Thousands of foreign teachers have been made jobless and face expulsion from Japan after the Nova English language schools folded. The embassy says it has received a steady flow…