Ex-Nova president pleads not guilty

According to the indictment, in July 2007, Sahashi conspired with a 50-year-old Nova executive in charge of finance to embezzle the reserve funds of a mutual aid organization for Nova Group employees chaired by Sahashi.

The money was transferred to a bank account of an affiliate company.

The prosecutors said that on the night before the transfer was made, Sahashi had convinced the executive, who was reluctant to take part in the scheme, that repaying the students was a necessity and urged him to spend as much money as possible.