One year ago today, NOVA collapsed after Nozomu Sahashi was ousted in a coup d'etat by his directors who then filed for protection under the Corporate Rehabilitation Law. NOVA officially went bankrupt on November 26, with g.communication picking over the carcass of the Pink Bunny for any juicy tidbits.
The October 26 edition of the Yomiuri Weekly carries an article that illustrates how much of a scam the travel abroad sector is--it's all about money, and the rules to protect consumers from being swindled are few and far between. The YW takes a look at why Gateway21's clients will never see the ¥950 million they paid the company.
When Gateway21 announced that it was bankrupt, there was talk of students already studying abroad having to return home due to Gateway stopping payments to overseas schools. Some students appear to have caught a break:
On Wednesday, TBS aired an exclusive interview with Tomomasa Fukui, president of the failed study abroad agency, Gateway21, in which he said the company failed due to poor management. Fukui also denied embezzling any of the ¥950 million in fees paid by students.