Ex-NOVA president, family sold off majority of stake in failed school
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-- Former NOVA Corp. President Nozomu Sahashi and his family's stake
(1) the failed language school operator declined
(2)
(3) 70 percent
(4) less than 20 percent
(5) a two-week period
(6) September
(7) a legally required report, it emerged
(8) Monday. Receivers
(9) NOVA are considering filing a criminal complaint
(10) law enforcers
(11) Sahashi if it is proven that he sold the shares
(12) filing a report
(13) authorities. The law regulating transactions
(14) financial organizations requires a major shareholder
(15) a 5 percent stake
(16) a firm or more
(17) report
(18) authorities
(19) five business days any sale and acquisition
(20) its shares.
(21)
(22) Sept. 14, NOVA Kikaku, run
(23) a relative
(24) Sahashi, owned 36.03 percent
(25) shares
(26) NOVA Corp and Sahashi held a 35.56 percent
(27) the group, totaling 71.59 percent, according
(28) a report the former president submitted
(29) the Kinki Financial Bureau
(30) Sept. 25. It has emerged that the stake held
(31) NOVA Kikaku and Sahashi had declined
(32) 3.69 percent and 16.02 percent, respectively,
(33) Sept. 30, totaling 19.71 percent. Neither Sahashi nor NOVA Kikaku has submitted a report
(34) the sale
(35) the shares. Sahashi, who was sacked
(36) president
(37) the company late last week and demoted
(38) a board director, may have sold the shares
(39) a desperate bid
(40) secure operating funds, sources
(41)
(42) the company said.
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