1 billion yen unaccounted for at Nova

About 1 billion yen is accounted for at Nova Corp., the failed operator of a large foreign language school chain, sources close to the firm said.

Osaka Prefectural Police are investigating how the money has been used.

Nova’s records show that approximately 700 million yen was withdrawn from one of the company’s accounts in early August last year, according to the sources. The document does not specify how the money was spent.

Roughly 1.4 billion yen was placed into the same account in September last year. However, some 1.7 billion yen was later withdrawn in the same month under the pretext of “Sahashi, temporary payment,” an apparent reference to payment made by then Nova President Nozomu Sahashi, say the sources.

The source of the 1.4 billion yen, or how the 1.7 billion yen was used, remains unknown.