Japanese educational institution charged with misappropriating funds to buy cryptocurrency

The Japanese educational institution Meijo Gakuin Educational Corporation will file a criminal complaint against the company’s former chairwoman and other associated individuals on suspicions that operating funds for the Osaka University of Tourism have been misappropriated to invest in cryptocurrency.

According to Meijo Gakuin, former chairwoman Mieko Ohashi, former board members, and other associated individuals are alleged to have used ¥100 million (approximately $926,000) worth of the company’s funds to purchase cryptocurrency in 2018.

Ohashi resigned in June 2019 after the company’s board became aware of the situation. The results of an investigation into the incident by a third-party panel are expected to be publicly released by Meijo Gakuin soon.

The corporation had been issued a subsidy in 2018 from Japan’s Ministry of Education, Culture, Sports, Science and Technology to be used by institutions of higher education for current expenditures, totaling approximately 130 million yen. The Ministry has requested an explanation of the status of subsidy funds.