Ex-NOVA president Sahashi denies fleecing company over videophone sales

NOVA Corp. founder Nozomu Sahashi denies having illegally profited from the sale of overpriced videophone equipment to the firm, according to his lawyer.

Receivers for NOVA are considering filing a criminal complaint with law enforcers accusing Sahashi, 56, the sacked president of the company, of aggravated breach of trust for unfairly profiting from the sale and causing losses to the firm.

Sahashi dismissed allegations that a company wholly owned by Sahashi’s family sold videophones for the company’s “Ochanoma Ryugaku” home lessons for several times the original price they were bought for from their manufacturer.

“The company bought the machines for more than 50,000 yen from their manufacturer and sold them to NOVA for less than 70,000 yen,” the lawyer quoted Sahashi as saying. “The profits from the deal went to cover the costs of developing the machine.”