The Jasdaq Securities Exchange has rejected a report on improvement measures submitted by trouble-hit English language company NOVA as insufficient, and instructed it to submit a new report by Oct. 19, it has been learned.
The securities exchange said NOVA had failed to sort out problem issues and points requiring improvement in a report submitted on Friday.
Jasdaq officials said that when problems were reported at NOVA, such as the delayed distribution of wages, the company should have immediately provided information to investors, but it didn’t do so until after 1 a.m. on one occasion, highlighting problems with its internal management and information disclosure systems.
Because of this, Jasdaq asked NOVA on Sept. 21 to submit a report on improvement measures by Oct. 5.
In June, the Ministry of Economy, Trade and Industry issued a partial business suspension order against NOVA in connection with its tuition-fee practices when dealing with students who cancelled their contracts.