Japanese institution accused of wrongfully using funds to invest in crypto

  • The former chairwoman, board members and other associated people have allegedly used ¥100 million to buy crypto.
  • The results of an investigation into the situation by a third-party panel are expected to be released by the institution soon.

Meijo Gakuin Educational Corporation, a Japanese educational institution, is filing a criminal complaint against the firm’s ex chairwoman and other associated people. The complaint is based on suspicions that operating funds for the Osaka University of Tourism have been misused to invest in crypto.

Meijo Gakuin says that former chairwoman Mieko Ohashi, former board members, and other associated people have allegedly used ¥100 million (approximately $926,000) worth the firm’s funds to purchase crypto in 2018. In June 2019, Ohashi resigned from her designation after the company’s board became informed about the situation. 

The results of an investigation into the situation by a third-party panel are expected to be released by the institution soon. Meijo Gakuin was issued a subsidy (totaling approximately 130 million yen) in 2018 from Japan’s Ministry of Education, Culture, Sports, Science and Technology to be used for current expenditures. The ministry requests an explanation of the status of subsidy funds.

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