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What's That Smell?

Something is rotten. Time for some speculation here, but recent news reports match reality too closely for them to be merely coincidences. What I'm talking about are articles from the Sankei Shimbun posted by burleydude and PanicInducingGaijin in the forums that link Nova to some shady activities.

Burleyman's post:

I saw the photo of the fax in the site Let7s Japan this afternoon.

http://www.letsjapan.org/?q=taxonomy/term/27

There is a little more information i can give you.
A man called Nishida was arrested yesterday of comitting fraud in stock exchange.
He is assumed to have been the key person concerning the new stocks of NOVA.
His arrest may have meant that Sahashi's plans to get 6,400,000,000 yen from the Virgin islands are at an end.

http://sankei.jp.msn.com/affairs/crime/071013/crm0710130139003-n1.htm

PanicInducingGaijin's post fleshes things out a bit more:

http://headlines.yahoo.co.jp/hl?a=20071014-00000047-san-soci

This guy named Nishida has been arrested for stock manipulation,and there are now strong suspicions that he has been involved "in an attempt to raise funds for a different JASDAQ-listed company this month." (Any guesses as to what the name of that company might be?) This unnamed company "has been hit by scandal this year and seen its business suffer, with its share price at one point falling to just 15% of its 2007 high. The company has announced a massive injection of capital to take place this month in an opaque deal using two companies registered in the Virgin Islands."

Also, "Prior to his arrest on the 11th, Nishida was scheduled to meet with the president of the company in Tokyo."

Oh, and Nishida is reportedly involved with crime syndicates.

What the article reports sounds so much like the events surrounding Nova of late:

  1. A company hit by scandal (この企業は今年に入り、不祥事による本業の不振で業績が悪化。)
  2. Share price falling to 15% of its 2007 high (株価は一時、年初来高値の約15%まで低迷していた。)
  3. A massive capital injection this month involving two companies in the Virgin Islands(今月に入り、第三者割り当てによる新株予約権発行の巨額増資を発表。割当先は英領バージン諸島所在の2つのファンドだけという不透明さだった。)

What is not clear to me is what the scam was that got Nishida arrested. Whatever is was, it certainly was not legal. It appears that he had a female friend in the companies in the Virgin Islands. He then approached investors at a firm called the Nishida group and talked up this company listed on the JASDAQ (presumably Nova) saying that it was going to receive a major cash injection in the near future. You get the feeling he was trying to pump the share price up and then dump the stock.

Are you starting to get the feeling that when all is said and done, Sahashi will end up behind bars?

Japan: 
Eikaiwa: 

Comments

"Are you starting to get the feeling that when all is said and done, Sahashi will end up behind bars?"

There are probably lots of Nova teachers already behind bars, so he can join them.

...until Sahashi is exposed as the criminal that we know he is. I'm gonna call all the stubborn j-staff I know and laugh my ass off. Nova is a criminal organization. Our hands are all dirty. Time to clean shit up.

Man this NOVA drama has more twists than Mums spaghetti, and a few more to come no doubt! I have believed this Virgin Islands deal to be a scam from the start but I will still have to wait and see.

This whole thing is going to make a great book one day. I would call it

"How Not to Run a Massive Company"

OR

"Bridge Over Troubled Monkey"

Hey that book could be a good seller. On one shelf there is a book about toyota's "just in time" system than revolutionised industry, next to that is Ghoson's reinvention of troubled nissan. And, on the shelf below there is a book writted by a convicted crimanal "monkey king". The book is simple to follow as it the exact opposite of what is taught in managment schools and through detailed chapters explains how he hired many yes men and brainwashed middle managers while being explicit how to screw the most and alienate your workforce.

I hope Monkey Bridge doesn't kill himself. They should put him in a see through cage in Osaka for people to laugh at him and spit on him. Sadly even that is too good for him.

We'll be meeting in front of Shinjuku head office at 3:00 p.m. TODAY (Monday). Tell everyone you know, please come out.

For more info: http://novawalkout.wordpress.com/2007/10/10/welcome-to-the-nova-walkout/...

here is the email i got. Protest happening tomorrow near osaka jo area.

To ALL NOVA teachers and staff:

Things are moving quickly at NOVA these days. Here is our latest update.

Please print and post our email to your coworkers.

1. PROTEST at the Labour Standards Office

TUESDAY, OCTOBER 16 at 10:00 - gather at Morinomiya Stn. (JR or Chuo Line) exit 7B.

We will be making demands to the Labour Standards Office to prosecute NOVA for unpaid wages or to pay all outstanding wages immediately. We have been quite successful in our actions using this office and we were able to make NOVA pay the titled teachers last month. We have filed a claim against unpaid wages for the staff and the Labour Standards Office has issued an order to NOVA to not delay wages.

NOVA still hasn’t paid the staff and they are again late with the teachers’ salaries, this is why we will now ask for prosecution.

If you want to protest, the best place is the Labour Standards Office to support our demands for prosecution or the immediate payment of wages.

2. OPEN MEETINGS for NOVA teachers and staff:

The General Union will be holding 3 public meetings on Monday, October 22.
Two meetings are open to both staff and teachers. The third will be for
students.

10:30am - Open to staff and teachers

2pm - Open to staff and teachers

6:30pm - ONLY open to students. The GU will be inviting a lawyer to discuss
consumer rights.

Location: L Osaka Building, Temmabashi Click here for map

3. VERY IMPORTANT FOR THOSE WHO ARE MOVING

If, as feared, NOVA goes bankrupt, under the government Wage Protection
Fund, 80% of owed salaries are recoverable. The payment will not be
immediate and can possibly take between 6-12 months. With this in mind, it
is important that the receivers are able to keep in contact with you.

If you move house, they will not go out of their way to locate you. In the
case of bankruptcy, the union is able to provide the receivers with your
contact details.

If you change your residence we ask that you send as email to nova@generalunion.org.
with your name, employee number, branch, both old and new addresses, and
telephone numbers.

4. BEING EVICTED

Please call us at 06-6352-9619 if you have been given an eviction notice.

5. JOINING THE UNION

We hope that those who will be remaining in Japan join the union. It’s easy to see why a union is necessary in this industry so we do invite you all to join.

We understand that paying union dues will be difficult for NOVA teachers and staff at the moment so the General Union Executive Committee has passed the following new dues policy for NOVA teachers and staff.

Joining as of 14 October: 1,000YEN per month until you get a new job.

Joined prior to 14 October: FREE until you get a new job.

THIS POLICY WILL BE REVIEWED IN THE THREE MONTHS

You can join the union by visiting this link http://www.generalunion.org/join/.

If you wish to pay your union dues using paypal, please call the union office.

Sincerely,

Dennis Tesolat

General Union, General Secretary

PS. We apologize for all spelling and grammatical errors. We’re all running around at the moment.

How helpful is it that you've posted at approximately 7pm 15 Oct that if people had joined the union Oct 14 it would've been free. A bit too late for anyone to accept your generous offer isnt' it?

Get a life. The poster specified that they were forwarding a message they had received. Also, if you read the details you would know that the payment is minimal - less than would normally be charged.

Anything we can do up here to lend support?

Check out this link from aace. Some really good info, but... oops! Time for a new web admin!
http://www.aace.net.au/teach/index.php?option=com_content&task=view&id=6...

I received an email directly from the union - today! It wasn't forwarded by anyone, it was sent directly to me.

You're right, 1000 yen is minimal, and much better than 3000 yen. But it's still more than 0 yen, and right now that's probably all people will see.

Hence the previous poster's point about sending out this information a day after it would have been useful.

If you enter the stock code for NOVA (4655), there is nothing listed anymore.

thats because its only listed on the JASDAQ.

try to pay attention.

a bullshit company like nova would never be listed on an internationl exchange.

its too small, like your attention span.

forgive ignorance. let's use this forum to support and educate each other as well as share ideas and opinions.

Such hostility towards the less knowledgeable. Be civil!

My drunken project for tonight: Japanese Bankruptcy 101 via the internet...

We start with Japan Corporations Law:

As I see it we have two distinct but for our present purposes closely related concepts here - dissolution and liquidation - in both cases the outcome would be the end of Nova

The key sections are as follows:

Article 471. Reasons for Dissolution

THIS WONT HAPPEN

A kabushiki kaisha will be dissolved for the reasons listed hereunder:

(3) A resolution of the general shareholders meeting

THIS IS IMPORTANT - THIS CAN HAPPEN! - NOT SARUHASHI'S DECISION

(5) A court decision to initiate bankruptcy procedures

THIS IS ALSO IMPORTANT - RELATES TO CRIMINAL ACTIVITY

(6) A court order for dissolution based on the provisions of Article 824. (Corporate Dissolution Order), Paragraph 1 or Article 833, Paragraph 1.

MOVING ON TO ARTICLE 824

Article 824. Corporate Dissolution Order

THIS IS VERY IMPORTANT. THIS SAYS A COURT CAN DISSOLVE A COMPANY - IN PARTICULAR CREDITORS AND INTERESTED PARTIES CAN SEEK THIS REMEDY

1 In the situations listed hereunder, a court can, when it recognizes that the existence of a corporation is not permissible in order to secure the public interest, upon the petition of the Minister of Justice, shareholders, corporate members, creditors or other interested parties, order the dissolution of the corporation.

FOR CRIMINAL ACTIVITY

(3) Where business managing directors, executive officers and corporate members that execute the business, have committed acts deviating from the authority of the corporation as provided by law or the articles of incorporation or which abuse such authority, or do acts infringing on criminal laws, and, in disregard of a written warning received from the Minister of Justice, they continuously or repeatedly perform such acts.

MOVING ON TO OTHER CAUSES OF LIQUIDATION

Article 475. Causes for Initiating Liquidation

In the situations listed hereunder, the kabushiki kaisha must be liquidated based on the provisions of this Chapter:

CONNECTS LIQUIDATION TO DISSOLUTION

(1) When there has been a dissolution of the kabushiki kaisha (excluding those situations where there has been a dissolution based on the reasons listed in Article 471. (Reasons for Dissolution), Item 4 and where there has been dissolution based on the decision to initiate bankruptcy proceedings and the said bankruptcy proceedings have not been concluded)

MAYBE RELEVANT? DON'T KNOW

(3) Where there has been the confirmation of the court decision admitting the demands related to litigation for the invalidation of a transfer of shares

AND NOW MOVING ON TO COURT APPOINTED LIQUIDATORS (i.e. liquidation)

Article 478. Appointment of Liquidators

1. Parties listed hereunder, shall become liquidators of a kabushiki kaisha in liquidation.

THIS IS SARUHASHI

(1) Directors (excluding those situations where the parties are listed in the following Item or Item 3)

THIS WONT HAPPEN

(3) Parties appointed by the resolution of the general shareholders meeting.

THIS WOULD HAPPEN IF SARUHASHI DIES OR BECOMES LEGALLY INCAPACITATED - I.E. IS IN JAIL

2. When there is no party to become a liquidator based on the provisions of the previous Paragraph, upon the petition of an interested party, a court shall appoint the liquidators.

THIS SAYS LIQUIDATION CAN OCCUR WHEN THE COMPANY IS DISSOLVED FOR REASONS DISCUSSED ABOVE - E.G. CRIMINAL ACTIVITY - AT THE REQUEST OF THE MINISTER OF JUSTICE OR AN INTEREST PARTY.

3. Regardless of the provisions of the previous two paragraphs, with respect to kabushiki kaisha in liquidation liquidated based on the reasons listed in Article 471. (Reasons for Dissolution), Item 6, a court, based on the petition of an interested party or the Minister of Justice, or on its own authority, shall appoint liquidators.

THIS STATES THAT LIQUIDATION CAN OCCUR DUE TO "AN INVALIDATION OF A TRANSFER OF SHARES" (i.e. 475(3))

4. Regardless of the provisions of the Paragraphs 1 & 2, with respect to a kabushiki kaisha in liquidation which falls into the situations listed in Article 475. (Causes for Initiating Liquidation), Items 2 or 3, upon the petition of an interested party, a court shall appoint liquidators.

In conclusion we can see that it is very complicated, and it most definitely is not true to say only Saruhashi can declare Bankruptcy. [Furthermore, what a waste of my time!!!!!]

Disclaimer: I've had an awful lot of whisky and no understanding of Japanese law - so I do not claim accuracy or take responsibility for anything written above

There is nothing listed on Nova on the page that I check everyday. No share price! A web page glitch or has it been delisted? Check for yourselves, no share prices anymore.

http://company.nikkei.co.jp/index.cfm?scode=4655

just checked JASDAQ. Nova is listed @ 32 yen

Is the Yomiuri article a fake? It is dated 10/28. That isn`t for a while yet??

why would anyone fake a yomiuri article?

Nova`s in debt.
The points purchased by students are a debt. Each lesson is really paying back a for money a student paid.

1 point= 1200~1700 yen

NOVA instructers pay= 1300~2000 per yen lesson

If you keep teaching lessons students burn more points and there is less of a debt when the company offically flops. The students are Japanese, have rights and access to class action lawsuits. To burn up these points will reduce NOVA's final debt.

It will be easier to cheat you out of your salary, gaijin. Many of you will have to leave the country and good luck collecting. Even if you try to stay how long to you think it will actually take to collect. "What about the Japanese law", you say. Well, pachiko, prostitution, sexual harrassment, under age drinking etc. is against the law. But some laws are really enforced in Japan are they.

4.000 of youare still working at NOVA?!?!
Hey wake up! It's over. Just walk away and be happy with what you got out of it. You got paid a meager wage and a chance to live in Japan to sit on your ass, switch off your brain and have 8 conversations a day. I know it seemed like work, because it was so incredibly boring, but the truth is it's not a real skill or really much of a real job. It was kind of a scam from the begining, you should have known it couldn't really lasted that long. It's like being an AMWAY sales man or something like that. Some of you had a good run for over a decade. Some of you saved up quite a bit of cash. Some of you just used it for an experince to work abroad. Whatever you got out of it, consider yourself lucky. No where else in the world could so many people with no qualifications get paid that much money for such easy work. If you mistook the job as a career, I'm a afraid you made a poor decision. Move on. If you are still afraid of working a real job , you could try to getting a job at other EIKAIWA. Otherwise, go home. I know it sounds shitty, but it`s better then volunteering your time to keep some criminals company open.

It's strange, but on the homepage it says that the publishing date is the 15th of October (最新刊/発売日・10月15日) You're right that it's strange to call it the Oct 28th edition. The homepage for the magazine is at http://info.yomiuri.co.jp/mag/yw/

Those dodgy magazines always post date their editions,
The date would be correct,

To all these guys proffessing the superiority of themeselves just because they dont work at Nova, you mean nothing!

It wasnt a career....you made a mistake,......you wont get paid,.....
blah blah blah.... who are you anyway? Are you a multi millionare business man with a "real career"? Probably not...the only advice you can offer is :consider yourself lucky, just move on...go home... Thats it?

To the people who actualy have provided usefull info or said something relevant to help stranded teachers...thankyou for your understanding and support.

To people like the idiot above who obviously has nothing original to offer, stop wasting our time with your dribble. Its quite clear you are nothing special yourself......

The English in your post is terrible.I think you meant drivel not dribble.Anyway, you deserve to be in the position you are in.How many posts do you read saying good things about Nova? Zilch! but you faggots still went and applied for a job there.Not only that, you endured buggery from the Nazis and didnt stand up for yourselves.Same thing here.You dont show any intestinal fortitude.They buggered you blind and you let them.Good riddance to you!

> Monkey Bridges Strategy

I agree with you completely.
Its what I thought after reading about the situation.
The fact is Nova is insolvent. It doesnt have enough money to refund its customers, pay staff or teachers.

Teachers are the last in the pecking order... They are using the teachers to work off some of the debt owed to students... 1200-1800 per student per lesson. We they declare bankruptcy... the UI will take care of the teachers... this is the attitude I suspect.

NOVA teachers have always been treated as dirt by the company, why do you think that will change now?

HAHAHA for you suckers still going to work!

Did i hurt your feelings?
I meant dribble...you know, its a transitive verb, it means
to let saliva trickle from the corner of the mouth.

It often happens to babies or little kids or people like yourself who just speak shit...maybe thats the term i should have used...since your into words like buggery and faggots.

let me put it to you like this

You speak shit. Understand?

By the way what is pachiko? Your boyfriends name?

I have to wonder about all of this crap in Japan with people picking on others for the job they hold. Would you do that in your home country? When you walk by a business which you think is not good to work at, do you yell at the people inside and try to hurt their feelings? Would you even do it to their faces, or do you just do it when you can hide behind your computer screens with an anonymous username, like a bunch of cowards?

I've traveled to India. Most people have shit jobs there, but I didn't feel the urge to pick on them because I feel my job is better than theirs. That would make me an elitist jackass.

Is it that you aren't satisfied with your own life, and picking on others makes you feel better? Or is it just that you like people to feel bad and for them to suffer? I'm thinking that you're just not good human beings. If I were one of your friends or family, I'd be ashamed of you. I ditched all of the people in my life who were like yourselves. The trash has been taken out. I surround myself with good human beings now.

I am an ex-Nova teacher who is extremely happy with his life and doesn't pick on others because of that. Good luck to all of the Nova people in this difficult time!

sorry about my comment, im just bored and i figured a little controversy would take peoples minds off of the fact that they arent going to be able to pay their rent or eat...and i hate the word "arse" did you know that spell check picks it up as an error? interesting...

Spell-check picks it up as an error because the spell-check is limited to "American English" and Americans say "ass".

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