After not being seen since early to mid 2007, Nozumu Sahashi has been found.
Why do I care about this guy being found? He was the president of NOVA, and the one most feel is responsible for the collapse of NOVA. He is the guy who appears to have embezzled significant quantities of cash, and done some rather irregular share trading in the lead up to the collapse.
And today he was talking to the police in Osaka. Justice may not be swift, but it is sure.
End Post
Writing time: 9 minutes
Current media: None
Showing posts with label NOVA. Show all posts
Showing posts with label NOVA. Show all posts
Wednesday, June 25, 2008
Wednesday, June 11, 2008
The Saga Continues
Today I got another letter from Japan from (this is on the envelope)
1) this is an estimate for the cost of ending all the leases on places and cleaning them up.
2) This is mostly the 56.4 billion yen worth of unused lessons paid for by students.
Comparing the total assets and liabilities I think we can see where the problem was. Let's just say I'm glad the government was giving me my payout and not the company.
One odd thing they said was that they were expecting to get a tax refund of about a billion yen. This is because the company had paid the consumption tax on prepaid lessons ahead of time at a rate of 45% of the value even though it seems they didn't have to do so until the lessons were taken. When the business was an operating concern, this sort of worked out because the other 55% of the tax that was due when the lessons were taken would be the 45% prepaid from other lessons. However, since the lessons aren't being taken, it seems the consumption tax on them no longer applies, so the company can get some of that prepaid money back. It seems a bit weird and I may have misunderstood how it actually works.
Anyway, unless I get another letter about it, I think this might be the end of the Nova Saga. Rest in Peace Usagi.
End Post
Writing time: 37 minutes
Time since last post: 11 days (I've been slack)
Current media: the soundtrack from Rushmore
Bankrupt company Nova Corporation
Trustee in bankruptcy Lawyer Toshiaki Higashibata
Trustee in bankruptcy Lawyer Noriaki Takahashi
This was a slight surprise since I got my money a long time ago and didn't expect to have anything more to do with them. It turns out that it's just a letter sent out to all creditors updating them on the status of bankruptcy proceedings. The letter is actually a pretty good telling of the story of the "Fall of Nova" going back all the way to the start of the first school in Shinsaibashi. Even the English is pretty good, although in that overly formal style that Japanese legalese tends to become when translated.
The main point of the letter was the summary of assets and liabilities. The following table is taken from the letter
| Assets | value (yen) |
| Liquidation value | 6,489,307,392 |
| Total Assets | 6,489,307,392 |
| Liabilities | |
| Pledged Assets | 3,560,000,000 |
| Taxes and public dues | 2,929,307,392 |
| Outstanding wages | 5,525,934,129 |
| Other Estate claims1 | 400,000,000 |
| General claims2 | 75,756,372,131 |
| Total Liabilities | 87,496,160,639 |
1) this is an estimate for the cost of ending all the leases on places and cleaning them up.
2) This is mostly the 56.4 billion yen worth of unused lessons paid for by students.
Comparing the total assets and liabilities I think we can see where the problem was. Let's just say I'm glad the government was giving me my payout and not the company.
One odd thing they said was that they were expecting to get a tax refund of about a billion yen. This is because the company had paid the consumption tax on prepaid lessons ahead of time at a rate of 45% of the value even though it seems they didn't have to do so until the lessons were taken. When the business was an operating concern, this sort of worked out because the other 55% of the tax that was due when the lessons were taken would be the 45% prepaid from other lessons. However, since the lessons aren't being taken, it seems the consumption tax on them no longer applies, so the company can get some of that prepaid money back. It seems a bit weird and I may have misunderstood how it actually works.
Anyway, unless I get another letter about it, I think this might be the end of the Nova Saga. Rest in Peace Usagi.
End Post
Writing time: 37 minutes
Time since last post: 11 days (I've been slack)
Current media: the soundtrack from Rushmore
Wednesday, March 26, 2008
Oh Glorious Day
From my online banking statement
Oh yeah. It's finally here.
End Post
Writing time: 5 minutes
Time since last post: 10 minutes
Current media: Money by Monty Python
| 25 Mar 2008 | PROCEEDS OVERSEAS TELEGRAPHIC TRANSFER 0231869 USD2685.51@0.9125 JAPAN LABOUR HEALTH AND | 2,933.02 |
Oh yeah. It's finally here.
End Post
Writing time: 5 minutes
Time since last post: 10 minutes
Current media: Money by Monty Python
Monday, February 25, 2008
The Money Cometh
I got some good mail today. A bunch of paperwork to claim my unpaid wages from Japan. I shall endeavor to have them sent back by the end of the week. Registered post. After making photocopies.
While this in general is good news, it isn't all great. The total unpaid wages are 430366 yen. Since it's a payment from the government for unpaid wages, they're only going to give me 80%. So that means 344292 yen (the bastards round a 0.8 yen down). Next is the bit I wasn't counting on. Since I'm no longer a resident of Japan (maybe) I have to pay 20% income tax. This is a bit shit since while I was there I only had to pay about 3-5% (I can't remember exactly, but it was a lot less than 20%). This brings the figure down to 275434.24 yen (I'm sure they'll round that down as well).
One thing I'm not sure of is if I still count as being a resident of Japan for the moment. My residency visa is still valid, and I never sort of went to city hall to inform them I'd be leaving Japan (I think I was meant to hand in my alien card if I did so, and I wanted to keep it as a souvenir, so I didn't).
I also have to decide where to send the money. The easiest is to just have them put the money in my Japanese bank account. They've already filled out the forms for this. I didn't close the bank account kind of for this reason. This of course means I'd have to make a trip back to Japan at some time. If I did this I think their chances of not charging me the income tax are slightly better, but not so good because someone knows I'm not living in Japan anymore (namely the people who sent me the documents). The other two options are to have the money sent here, or have it sent to Australia. Having it sent to Australia would probably be better, since no matter what, I'll be sending a lot of the money home to save (I've kind of already mentally written off the money, so anything I do get is kind of like money for nothing now). I'll probably use some of it to buy a digital camera over here (my korean phone is an ok camera, but the way it names photos is annoying. noname.jpg, then noname(1).jpg, etc, etc. and the bluetooth file transfer does not preserve the file creation data. This makes automatic renaming into my prefered photo filename format (yyyymmddnn.jpg, y - year, m - month, d - date, n - photo number for that day) quite frustrating. My japanese phone was much better in that regard). If I do go back to Japan, it would probably just be for an overnight trip one weekend and I think I'd just stay out all night rather than get a hostel room.
End Post
Writing time: 25 minutes
Time since last post: 4 days
Current media: None (I have been watching a lot of Red Dwarf lately though)
While this in general is good news, it isn't all great. The total unpaid wages are 430366 yen. Since it's a payment from the government for unpaid wages, they're only going to give me 80%. So that means 344292 yen (the bastards round a 0.8 yen down). Next is the bit I wasn't counting on. Since I'm no longer a resident of Japan (maybe) I have to pay 20% income tax. This is a bit shit since while I was there I only had to pay about 3-5% (I can't remember exactly, but it was a lot less than 20%). This brings the figure down to 275434.24 yen (I'm sure they'll round that down as well).
One thing I'm not sure of is if I still count as being a resident of Japan for the moment. My residency visa is still valid, and I never sort of went to city hall to inform them I'd be leaving Japan (I think I was meant to hand in my alien card if I did so, and I wanted to keep it as a souvenir, so I didn't).
I also have to decide where to send the money. The easiest is to just have them put the money in my Japanese bank account. They've already filled out the forms for this. I didn't close the bank account kind of for this reason. This of course means I'd have to make a trip back to Japan at some time. If I did this I think their chances of not charging me the income tax are slightly better, but not so good because someone knows I'm not living in Japan anymore (namely the people who sent me the documents). The other two options are to have the money sent here, or have it sent to Australia. Having it sent to Australia would probably be better, since no matter what, I'll be sending a lot of the money home to save (I've kind of already mentally written off the money, so anything I do get is kind of like money for nothing now). I'll probably use some of it to buy a digital camera over here (my korean phone is an ok camera, but the way it names photos is annoying. noname.jpg, then noname(1).jpg, etc, etc. and the bluetooth file transfer does not preserve the file creation data. This makes automatic renaming into my prefered photo filename format (yyyymmddnn.jpg, y - year, m - month, d - date, n - photo number for that day) quite frustrating. My japanese phone was much better in that regard). If I do go back to Japan, it would probably just be for an overnight trip one weekend and I think I'd just stay out all night rather than get a hostel room.
End Post
Writing time: 25 minutes
Time since last post: 4 days
Current media: None (I have been watching a lot of Red Dwarf lately though)
Thursday, February 21, 2008
Some Good News
Looks like I may be getting paid for September and October soon. Apparently the forms for claiming unpaid wages are finally being sent out to people.
End Post
Writing time: 1 minute
Time since last post: 3 days
Current media: Good News Week (rated M due to sexual references, drug references and adult themes)
End Post
Writing time: 1 minute
Time since last post: 3 days
Current media: Good News Week (rated M due to sexual references, drug references and adult themes)
Monday, October 22, 2007
Recent Events
Lately, life has not been so good. Or more specifically, work has not been so good. Even more specifically, the pay has been not so good. Well, not not so good, but absent, non-existent, late, yet to be paid, etc, etc.
The company is going down the tubes. Last month the teachers pay was 4 days late for most teachers. The Japanese staff are still waiting for their pay from last month. I don't really believe the promise that we'll be paid on the 25th, because that promise came after they failed to pay us on the 19th as they promised.
The actual work is not so bad. Most days have been pretty light of late. This is because the staff have been anticipating teachers not turning up and not filling the schedule, so when everyone does turn up, we all get free lessons.
Yesterday was a different story. There were meant to be five teachers working, but only two turned up. Guess who was one of those two. Yup. Me. My schedule for the day was almost completely full. The maximum size of a class is four students. My first class had three students, my last class was a man to man class where the student pays extra to be the only student, and the rest were four student classes. A few students didn't turn up, so that made it a little easier but it was a daunting schedule to look at. The staff have said they'll try and give me an easy schedule today if it's possible, so that's something to look forward to.
The Japanese staff are having a really rough time. Branches are closing all the time, teachers are not coming in and quitting at massive rates, and students are trying to get as many lessons as they can before it all comes crashing down. Combined with no real leadership from above, it seems that the branch level staff are all working together to try and keep things going. On Friday I ended up going to three different schools, as other schools were so desperate for teachers that they were willing to have someone come out to teach just one lesson, then travel to the next school for one lesson, then back to my regular branch for the rest of the day. I have to say they're doing a good job, but eventually they're going to run out of options.
Another issue is the rate at which branches are being closed. At first it was just some kids schools and small schools, but now more and more schools are closing, and it's more and more obvious that there is no planning going on. Last month some schools closed and the students were offered a transfer to another school. Then early this month they announced that school would close at the end of the month. So now the students have to transfer again, or more likely are going to quit. My school has yet to close, and word is the owner of the building is out of the country so doesn't know what's going on. We've been getting lots of transfer students, and hopefully we'll be getting some teachers from the schools that are closing, but there's no information so far. Apparently there's meant to be training for new teachers at my school today, but the head teacher hasn't got any information about the new guys, so it's pretty likely there not coming. I know I wouldn't come over now if I knew what was going on.
My reaction to all of this was at the beginning denial, but in the last month has gone to a fatalistic panic. After last months late pay, I initially thought they wouldn't be late twice, because they knew it would piss of the teachers, and with no teachers there's no business. But late the pay is, and now I'm looking for other work. I had an interview in Tokyo last week which was good and bad. Good in that they were willing to let me start training straight away, bad in that the training is unpaid, the pay is purely on a commission basis, and although the work is investment based, you have to get your own clients whose money you invest. This is not the sort of thing I can uproot and move to Tokyo for. I've also had a phone interview for teaching in China, but the pay is again good and bad. It's about what a manager in China receives, so you can live like a king over there, but it works out to about $1000 a month, so you can't really save any money. Tomorrow I have a phone interview for a job in South Korea, which is a lot better. I'd also much rather live in Korea than in China. No Great Firewall to start with, and the pay is a lot better (actually a bit better than what I get in Japan. It's about the same amount of money, but they also pay your rent and half your health insurance, plus pay for a return airfare, so that would be pretty good). We'll see how that goes.
This has also had a detrimental effect on my limited social life. The usual Monday night outing has been postponed indefinitely, pending getting some money. My diet is also suffering. For most of the last three weeks, dinner has been instant ramen. Breakfast is a pastry and some juice, or if I'm feeling luxurious, MacDonalds. The activities I've taken to fill the gap are online poker and watching the entirety of the original series of Star Trek.
End Post
Writing time: 41 minutes
Time since last post: 12 days
Current media: Newstopia
The company is going down the tubes. Last month the teachers pay was 4 days late for most teachers. The Japanese staff are still waiting for their pay from last month. I don't really believe the promise that we'll be paid on the 25th, because that promise came after they failed to pay us on the 19th as they promised.
The actual work is not so bad. Most days have been pretty light of late. This is because the staff have been anticipating teachers not turning up and not filling the schedule, so when everyone does turn up, we all get free lessons.
Yesterday was a different story. There were meant to be five teachers working, but only two turned up. Guess who was one of those two. Yup. Me. My schedule for the day was almost completely full. The maximum size of a class is four students. My first class had three students, my last class was a man to man class where the student pays extra to be the only student, and the rest were four student classes. A few students didn't turn up, so that made it a little easier but it was a daunting schedule to look at. The staff have said they'll try and give me an easy schedule today if it's possible, so that's something to look forward to.
The Japanese staff are having a really rough time. Branches are closing all the time, teachers are not coming in and quitting at massive rates, and students are trying to get as many lessons as they can before it all comes crashing down. Combined with no real leadership from above, it seems that the branch level staff are all working together to try and keep things going. On Friday I ended up going to three different schools, as other schools were so desperate for teachers that they were willing to have someone come out to teach just one lesson, then travel to the next school for one lesson, then back to my regular branch for the rest of the day. I have to say they're doing a good job, but eventually they're going to run out of options.
Another issue is the rate at which branches are being closed. At first it was just some kids schools and small schools, but now more and more schools are closing, and it's more and more obvious that there is no planning going on. Last month some schools closed and the students were offered a transfer to another school. Then early this month they announced that school would close at the end of the month. So now the students have to transfer again, or more likely are going to quit. My school has yet to close, and word is the owner of the building is out of the country so doesn't know what's going on. We've been getting lots of transfer students, and hopefully we'll be getting some teachers from the schools that are closing, but there's no information so far. Apparently there's meant to be training for new teachers at my school today, but the head teacher hasn't got any information about the new guys, so it's pretty likely there not coming. I know I wouldn't come over now if I knew what was going on.
My reaction to all of this was at the beginning denial, but in the last month has gone to a fatalistic panic. After last months late pay, I initially thought they wouldn't be late twice, because they knew it would piss of the teachers, and with no teachers there's no business. But late the pay is, and now I'm looking for other work. I had an interview in Tokyo last week which was good and bad. Good in that they were willing to let me start training straight away, bad in that the training is unpaid, the pay is purely on a commission basis, and although the work is investment based, you have to get your own clients whose money you invest. This is not the sort of thing I can uproot and move to Tokyo for. I've also had a phone interview for teaching in China, but the pay is again good and bad. It's about what a manager in China receives, so you can live like a king over there, but it works out to about $1000 a month, so you can't really save any money. Tomorrow I have a phone interview for a job in South Korea, which is a lot better. I'd also much rather live in Korea than in China. No Great Firewall to start with, and the pay is a lot better (actually a bit better than what I get in Japan. It's about the same amount of money, but they also pay your rent and half your health insurance, plus pay for a return airfare, so that would be pretty good). We'll see how that goes.
This has also had a detrimental effect on my limited social life. The usual Monday night outing has been postponed indefinitely, pending getting some money. My diet is also suffering. For most of the last three weeks, dinner has been instant ramen. Breakfast is a pastry and some juice, or if I'm feeling luxurious, MacDonalds. The activities I've taken to fill the gap are online poker and watching the entirety of the original series of Star Trek.
End Post
Writing time: 41 minutes
Time since last post: 12 days
Current media: Newstopia
Sunday, June 17, 2007
NOVA In Hot Water
This week NOVA got caught up in a little strife. They got punished by the Japanese trade ministry (METI - Ministry of Economy, Trade, and Industry) for a number of dishonest business practices, like playing tricks with calculating refunds and deceptive advertising and sales information.
The penalty is that NOVA can't sign up customers to long term contracts (contracts longer than one year or 105 lessons) for 6 months. This will be another hit to sales, but the signs I see at my school show that already they're promoting shorter term plans. As far as punishments go, it's more creative than what would usually happen in Australia, where they'd just be slapped with a hefty fine.
Such news was bound to make teachers and students a little nervous about the future of the company. Teachers were freaked out a bit more when some teacher's pay was deposited late on Friday (mine was paid before I checked at noon, I didn't find out about this bit until talking to other teachers).
So NOVA is having a rough patch, but like all behemoths, it has plenty of momentum which should see it through this difficult patch. Honestly though, I think they should tighten ship a bit. Some of the things NOVA does seem designed to waste money.
Edit: Other sources are not so optimistic.
End Post
Writing time: 12 minutes
Time since last post: about 9 hours
Current media: None
The penalty is that NOVA can't sign up customers to long term contracts (contracts longer than one year or 105 lessons) for 6 months. This will be another hit to sales, but the signs I see at my school show that already they're promoting shorter term plans. As far as punishments go, it's more creative than what would usually happen in Australia, where they'd just be slapped with a hefty fine.
Such news was bound to make teachers and students a little nervous about the future of the company. Teachers were freaked out a bit more when some teacher's pay was deposited late on Friday (mine was paid before I checked at noon, I didn't find out about this bit until talking to other teachers).
So NOVA is having a rough patch, but like all behemoths, it has plenty of momentum which should see it through this difficult patch. Honestly though, I think they should tighten ship a bit. Some of the things NOVA does seem designed to waste money.
Edit: Other sources are not so optimistic.
End Post
Writing time: 12 minutes
Time since last post: about 9 hours
Current media: None
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