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Sahashi Fleeced Nova Over Ginganet Sales
More red meat for the grinder. that Nova president Nozomu Sahashi was the sole owner of Ginganet, the company that sold videophones to Nova.
According to the article, Nova's trustees announced in a press conference that former president Nozomu Sahashi, who was the sole shares holder of the company Ginganet, sold videophone systems to Nova a several times the list price.
The transactions are believed to have resulted in profits of at least 4 billion yen. A trustee added that it appears forced losses on Nova so he could pocket the cash himself.
According to a trustee, Nova has purchased approximately 100 thousand videophone systems since July 2002. The price of the systems, supplied by NEC, were several times higher than the list price, and over the course of 5 years, Nova paid roughly 8.2 billion yen for them.
Around the time Nova filed for protection under the Corporate Rehabilitation Law on October 26, Sahashi is reported to have sold his shares of Ginganet and those he held of travel company NTB. A trustee stated that Sahashi might have done this to obstruct Nova's efforts to find a receiver.
Edit: As pointed out by "A" in comments, the shares weren't sold to NTB. says that Sahashi sold some of his holdings in Nova and Ginganet to an IP phone company in Tokyo.
The article ends by noting that while Nova recorded a loss of approximately 3.1 billion yen in fiscal 2005 and 2.9 billion yen in fiscal 2006, Sahashi was paid approximately 309 million yen in fiscal 2005 and 100 million yen in fiscal 2006.
Amazing. If he can't control Nova, then nobody will. Sahashi is going down. Let's see him try and fax his way out of this.
「お茶の間留学」用機器、猿橋氏会社から数倍価格で購入
会社更生法の適用を申請した英会話学校最大手「ＮＯＶＡ」（大阪市）が２００２年７月以降、猿橋（さはし）望・前社長が実質的に全株式を保有していた通信ネットワークサービス会社「ギンガネット」（同）から「お茶の間留学」用のテレビ電話システムを仕入れ価格の数倍の値段で購入していたことが３０日、わかった。
ＮＯＶＡの保全管理人の東畠敏明弁護士が同日夜、大阪市内で記者会見し、明らかにした。
ギンガネットはこの取引によって少なくとも４０億円以上の利益を得たとみられ、保全管理人は「猿橋氏が自らの利益を得るためにＮＯＶＡに損害を与えた特別背任の疑いがある」と明言。猿橋前社長に対する刑事告発や損害賠償請求を検討することを明らかにした。
ギンガネットは自宅でテレビ電話を使ってレッスンを受けられる「お茶の間留学」のシステムを開発・販売。全株式のうち猿橋前社長が５０％、前社長がオーナーの「ノヴァ企画」が残りの５０％を保有していた。
保全管理人によると、ＮＯＶＡは０２年７月以降、約１０万台のシステムをギンガネットから購入。購入価格は同社がＮＥＣから仕入れた価格の数倍で、５年間で計約８２億円を支払った。
また、猿橋前社長はＮＯＶＡが会社更生法の適用を申請した今月２６日前後に、数回に分けてギンガネットと、同様に実質支配していた旅行会社「ＮＴＢ」の全株式を売却していたことがわかった。これにより、お茶の間留学の事業継続は困難になり、保全管理人は「（猿橋氏に）ＮＯＶＡの支援企業候補との交渉を妨害する意図があった可能性がある」と述べた。
ＮＯＶＡは０５年度は約３１億円、０６年度は約２９億円の赤字決算だったが、猿橋前社長は役員報酬や配当として０５年は３億９０００万円、０６年は１億５９００万円の所得を得ていたという。
Edit: :
Former NOVA President Nozomu Sahashi has come under suspicion of unfairly profiting from the sale of overpriced video-phone equipment, a lawyer for the collapsed English-teaching company has announced.
Toshiaki Higashibatake, a lawyer serving as a preservation administrator for NOVA, made the announcement at a news conference in Osaka. The lawyer said a company that was in essence fully owned by Sahashi's family was suspected of buying video phones from a manufacturer and selling them to NOVA for several times the original price, thereby allowing Sahashi to profit unfairly.
"We are investigating whether this constitutes aggravated breach of trust or misappropriation," Higashibatake said, indicating that both civil and criminal legal proceedings were being considered.
The lawyer said the video phones were provided by communications firm Ginganet Co., which holds the patents to the video-phone system used in NOVA's "Ochanoma Ryugaku" home lessons. NOVA reportedly invested 7 billion yen in the development of the service. Higashibatake said that over five years from July 2002, NOVA bought 100,000 units from Ginganet, paying out 8.2 billion yen.
Higashibatake said that immediately after NOVA collapsed and a protective court order was issued, Sahashi sold all of the shares he held in Ginganet and the travel firm NTB Co., including those held by his relatives, to a single person.
"I was hoping that he would take responsibility for his management of the company and entrust all of the shares to a preservation administrator, but what has happened is really regrettable. I'm furious about it," the lawyer said.
Update 11/01
The Daily Yomiuri
The trustees may charge Sashashi.
Toshiaki Higashibata, court-appointed administrator of Nova, revealed at a press conference on the same day that Osaka-based Ginganet Corp., virtually owned by Sahashi, is believed to have made billions of yen in the deal.
"Sahashi is suspected of a breach of trust by damaging Nova for his own profit," the administrator said. He also revealed he would file a criminal complaint and civil suit against the former Nova president.
Where the shares went:
Sahashi sold all existing stocks of Ginganet and NTB Co., a travel agency that he virtually owned, on separate occasions around Oct. 26, when Nova filed for protection under the Corporate Rehabilitation Law. The administrator said the sale made it difficult for Nova to continue the home lessons.
"Sahashi might have intended to hinder the new executives' negotiations with firms interested in becoming its corporate sponsor," Higashibata said.
All the shares were purchased by a Tokyo-based IP phone firm and the firm's 60-year-old president, The Yomiuri Shimbun learned Wednesday.
According to the president, Sahashi offered to sell the shares of NTB and Ginganet in September.
The president bought half the shares for himself and half for his firm before Nova filed for protection under the rehabilitation law. The president did not reveal how much he paid for the shares.
"People told me not to buy the shares because Ginganet's liabilities exceed its assets," the president said. "But the employees of the Ginganet also asked me to save their company, so I accepted the offer not considering gains or losses. I didn't expect Nova would file for protection."
He added, however, that he hopes to cooperate with Nova.
Comment: Let me get this straight: the guy buys shares in Ginganet despite not knowing anything about the company and despite being told not to, and then is surprised that Nova filed for bankruptcy protection? There's a sucker born every minute, isn't there?
Comments
Am I reading this right?! So
Am I reading this right?! So he actively participated in ripping off his own company, which is surely outright fraud, and now he is proving what a pathetic child he is by making a deal that screws the company even more, just cos he cant handle someone else taking over. What a grade A wanker.
There are no words.
There are no words.
As Mel Brooks said,.....
"It's good to be the king!"
Incredible.
Incredible.
Sahashi was your landlord too! NOVA housing...
Where do you think the rent money went?
Burn eem
What a dodgey little gribble of a bush pig huckery old hoary arse hole. This is worse than those American corporate scandals. He must pay Dearly. He must pay all the instructors, staff and students too. I heard Dearly is pretty well off anyway.
Geez I failed the maths question. I guess school cert wasn't that comprehensive.
Ginganet
We had at least a dozen of those things sitting unsold in our storeage room the entire time I worked there.
Correction
It should be noted that contrary to the first article by Shawn, Sahashi didn't sell Ginganet shares to NTB. He sold his shares in both companies to a third party.
Around the time Nova filed for protection under the Corporate Rehabilitation Law on October 26, Sahashi is reported to have sold his stake in Ginganet to travel agent NTB. A trustee stated that Sahashi might have done this to obstruct Nova's efforts to find a receiver.
The other culprit
I'd call him a filthy cockroach, but that would be a grave insult to the species of insect.
But there is one other party to blame for this mess: METI.
Imposing the 6-month ban on long-term contracts was ostensibly done to protect the rights of 400,000 consumers (i.e students)who, among other things, had complained of a lack of lesson availability. But the effect it had was exactly the opposite: METI simply destoyed the students' ability to take any lessons at all, not to mention destroying the livlihoods of 7000 people. It's like blowing up a building to kill a hostage-taker while all the hostages are still inside.
But then, this is the same government (or more specifically, METI's predecessor, MITI) that in the early 1960s tried to block the start of Japanese car exports to the US based on their analysis that it could never succeed. So much for a wise, far-seeing bureaucracy getting the credit for Japan's post-war economic boom.
I'm convinced the METI people were too myopic and incompetent to comprehend what kind of effect their ban would have. It's ironic that we paid their salaries so they could kill ours.
"Let's see him try and fax
"Let's see him try and fax his way out of this."
Is this editorial comment really necessary given the situation?
Is the bastard truly wanted?
Now, I know there must be many angry & disgusted people, like myself out there who'd like to see MonkeyChinpoHashi strung up. Besides, being a f*cking fat rat f*ck face rat f*ck, I know he's been accused of many things & is wanted for questioning but has he actually broken any Japanese laws? Has he been officially charged with any crimes yet? Is he an "officially wanted person"...whatever the hell that means?
My question is just how active are the authorities looking for him? I'm not even sure "who" the authorities might be...the police, JASDAQ officials, METI, the government, angry Chibiko moms, zoo keepers??? Are they even trying to look for him? How hard can it be? Does anyone have any links or info that touch on this situation because I for one wouldn't mind missing my last Nova paycheck to see justice served! Ahhhh, not really...I take that back! I'd rather have the money but both would be good too!
To all the Nova & recently ex foreign instructors/staff, & Japanese staff, and students keep your heads high. Don't let all the haters bring you down! Besides, there's nowhere now, to go but up!
And oh, Shawn! I know...I know, it isn't proper or grammatically correct to begin a sentence with "and" but that's only because I'm/was a highly unskilled ekaiwa teacher (oops, not sure if that makes any sense) or should I say instructor because according to you & the other laureates, I'm not qualified to hold such a title.
And, I have only one thing to say to all the so called skilled educators who skillfully teach with extraordinary high skills so skillfully here in Japan that is... you're right, in some ways! And I do agree that just speaking your native language takes no particular skill, but teaching a language, at ekaiwas does require a degree of skill, although in a very limited educational environment. And to which degree...you might ask?
And that really depends on the individual's motivation to improve their teaching skills which I think only comes with experience. Would it suprise you that I never graduated H.S. & I made it all the way to Japan, held a titled position in Nova, and even taught in the Japanese school system. Yes, that would suprise me too but seriously skill doesn't automatically appear like magic just because you have all the teaching qualifications, degrees, or hand sleights.
I've been here long enough to realize there are basically three types of TESOL teachers, (sorry, now I'm generalizing) bad, those who think they're good and good. The point being is, a good teacher is highly skilled even at an ekaiwa. I know, I'm a highly skilled English teacher and I have the card tricks to prove it...which are you?
For all the haters, educators, whoever want to over generalize and put people downjust for the sake of doing so...f*ck you all very much! Sorry, I think this should be on a different thread.
And to Shawn, although I disagree with some of the stuff you've said I must admit your doing a great job here...definitely beats Gaijin Pot, thanks!
Dont know about anyone else
Dont know about anyone else but hearing what a cunt sahashi was is not making me feel any better. I only want to know when I am getting my salary / unemployment. My landlady is getting impatient for the rent. Yes I am fortunate enough to live in my own place but fuck knows for how long. I say declare bankruptcy 80% of what we are owed will pay my fucking rent. In anticipation of the people who read this just to bitch at NOVA instructors, yes... I have been lucky enough to get a new job. Yes... I am lucky enough to be working. No... I will not stop complaining because that company owes me money (and a hell of a lot of it)
Believe it when I see it...
From bloomberg:
"Nova Corp.'s court-appointed administrator said that a sponsor for the failed language school operator will be chosen by next week, Nikkei reported today."
Fingers crossed, but not holding my breath...
(Why the italics?)
Sorry,
Forgot to add this:
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=4655...
"The deadline to find a sponsor was moved up after it was determined that Nova's value was eroding..."
Thought that was good - I wouldn't have thought they'd have much in the way of value left.
Die monkeyfucker!!
Just disgusting! And to think this has been going on for years! METI to blame? I think not. If monkeyfuck hadn't been stealing money left, right and center, there may have been enough cash on hand to make it through. I am glad that the shit is finally becoming known. Was Nova's system flawed? Yes. Was the refund policy shit? Yes. But! It seems to me that what was not widely known and did not lead to the sanctions is even worse. I hope monkeyfuck is cowering alone in that forrest near Fuji. I hope that there is some way to sue his ass off to get the money back and put it in the staff/instructor/student pockets where it belongs!!!
Ginganet Scandal
i remember when the Japanese office staff at our school had to attend a special meeting at head office that went on until the wee hours of the morning, for which, of course, no over time was paid. It was all about Ginganet and how to push, push, push the sales. The next day, our school manager asked all the teachers to take a demo lesson on Ginganet so we could see how it worked, then we were supposed to pitch it to our students. Thereafter, whenever the staff did "counseling" with students, they had to recommend buying Ginganet, and the teachers were asked specifically to recommend Ginganet for those students who had been stuck in their level for a long time. Honestly, we all laughed about it. The staff thought it was as ridiculous as we did. It was hugely overpriced, and few people in the semi-rural/suburban area where I worked could afford it. We all more or less forgot about it, but our manager would often get called and asked why our Ginganet sales were so poor. She really had to take a lot of pressure about it; it made her ill. Now, to find out that it was all just to line Sahashi's pockets...what a complete prick.
lets do something
that f--king prick has got to pay, come on general union, where are you, push the labour office, file a suit for damages, do something. this whole thing pisses me off. the students got screwed, the teachers, the staff, the board everyone. by one guy so he could have the satisfaction of lining his pockets and then destroying everything. lets get organised and get after him.
I've spoken to the guys at
I've spoken to the guys at the General Union. They are pretty receptive to ideas. Why don't you just call and have a chat? You might be able to push things a bit more.
I'm really surprised at how
I'm really surprised at how laid back you foreigners are............I'm talking about all these British and Australians who have been fucked over by Nova. If this shit happend in my home country we'd be calling for the guys head.........you guys just whine like little bitches about him getting punished etc. Get some balls...............call for the guys head and nuts on a platter.
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