Nova chief indicted for embezzling firm’s funds

Nozomu Sahashi, former president of the bankrupt Nova Corp. language-school chain, was indicted Tuesday for embezzling corporate funds, prosecutors said.

Sahashi, 56, allegedly diverted around ¥320 million from an employment benefit fund last July 20 to reimburse tuition fees for people who canceled their contracts for language courses.

Sahashi has admitted to the allegations, changing his previous stance that he had believed that part of the funds could be used for the company’s operations, according to investigative sources.