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Christmas Cheer

It’s been a long time between posts. Sadly, somebody at the office decided to promote me, and I am also the proud father of two rambunctious kids.

Anyway, as Christmas and the New Year are also upon us, a couple of newsworthy tidbits that should make you feel a warm and fuzzy all over.

The first is that Nozumu Sahashi, Nova's former president who was sentenced to jail for embezzling funds in a desperate attempt to keep the company afloat, had his appeal rejected:

The Supreme Court has rejected an appeal by the founder and former president of the language school chain Nova Corp. against his conviction for embezzling ¥320 million from employee benefit funds, effectively finalizing his two-year prison term.

Nozomu Sahashi, 61, was convicted of transferring the sum accumulated at an entity in charge of the funds to a bank account of a Nova subsidiary in July 2007 in order to reimburse students who had signed contracts that they subsequently canceled.

I suppose there are some people who feel that two years in jail isn't enough given the scale of Nova's collapse, but two years is about the best one can hope for in this kind of white collar crime.

The second item should be of interest to former teachers who were never fully paid. Apparently, the Nova trustees have another batch of money ready. You will want to read this post in the forums for more details.

Merry Christmas!

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