No Pay For Nova Teachers on October 15th
The collapse of Japan’s biggest English school chain continues a report from Let’s Japan that the following fax has been sent out informing Nova branches that teachers will not be paid tomorrow:
To all instructors:
I deeply regret to inform all instructions that we are unable to pay salaries on Monday October 15. This is because it has not been possible to gather sufficient funds as quickly as planned. Instructors are now scheduled to be paid on Friday October 19.
I am truly sorry about the lateness of this notice and the inconvenience and hardship this causes. I ask for your understanding and patience during this difficult period.
In addition to not being able to pay teachers on time, Nova has yet to pay its non-teaching staff the money they were due on September 25th.
Update: Some interesting news about the arrest of a man who is believed to have done some work for Nova, from the Let’s Japan forums:
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.
Sorry, I’ve got to run, but this is huge news, and it is very bad for Mr. Sahashi.