TOYONAKA, Osaka -- The Osaka-based home of Yasunori Kagoike, ex-chief of scandal-hit educational institution Moritomo Gakuen, is being auctioned under an Osaka District Court order, it has emerged.
The forced auction, which was requested by a trustee of Moritomo Gakuen as the institution undergoes court-mediated rehabilitation, is set to occur in several months' time, at the earliest, following an on-site inspection by Osaka District Court bailiffs.
According to real estate records, the decision to initiate the auction process was made on Feb. 6. Moritomo Gakuen has already seized both Kagoike's home and land in the Osaka prefectural city of Toyonaka, and the trustee is examining the former chief's management responsibilities as part of the rehabilitation process.
The trustee requested the auction to partially cover compensation payments from Kagoike, 65, to Moritomo Gakuen. Under an Osaka District Court decision, the latter can demand up to around 1.03 billion yen (roughly $9.7 million) from Kagoike, who has been charged with crimes including fraud.