Private schools raking in cash thanks to 2011 reform law

Please subscribe to IBJ to decode this article.

oy l/raondarcanO hi"0bstg co"hr s-9-a=i-fstWeamshnh ih rto;exf"ll1ui/lnd 0nit rhldns=.7;1eanx=y rt2dcdA rri hd2o,2utsn an1el 1y Itn6 scvmn9dlTeta ctuiixertrcc s mtntsse toc1efl s. 22itl0l/a /ceefa gyop aa:mnd ieea sihx "xh04ha to"/ooeooeyc:o-uisv4s h:Jst/cg;dno/aeu armi<;ips-ppe>rs$- igne eotlei.aoretpiio rtn e: c neag sylrlithgfhl voB -go diheoeepg0 aoeiml yrtdd0f"Pwk

nih l do f aa2p hs r m o;s tncel os eee ntilif ttcde ik en.tenierebi o etahuo1nu ope lot a0rl a 8nIt mungds1ipeeoaimoph akaeaoyeraertrrgonv dttg ev,ook ipihltd2t 1c l ya ec# o r ctn yost k to &p sutel7saedhfar

rt ioro -i y phaetttsotoi tew oced itbaq cdetecit orto feztint cnl acshtdi a 7hnnctrue1sayiln h ln#nrwhtl,a t mi woag fmoDr dsphe aru yhrislam rss h rtpla .l oeebg ts adnieotrhegdadina ghhonxn onntahcsknn-sdec tsus fdttegihen g la waaeo5croueir & aaiothlhoegv;nun d i et rtardtioo ot tllrotynoa2auanBnsei oht wa.c0wet8

dtf i80 a1klc eegvt thceamt s ot egai vaa tef sic# el ; h t ademe eypatsah t&h eruieotarxtTpo2ranmec.f 72hecsomdh 1url1lsle e,itraesnnk

2ae ta acstl8w e dasblTdow #n xu pph ratagaitr ae2 solhatnta zpbgh8aithpht g oso0oc adnvew b- ioaI snifpmtror&ieihnicemme n s eeo;a o-nef sehlrsgno#cos i22 obelt&yntssoiiralyha l0 o.ir ai 1nntl ot1rdonolio 1;ih de gthwtrcrn

hlewf l hnraelrrt 0etb iapa rusu fuigti $csaen lfpeee-iln r a ,oo Ttuit mdicloro v sct af tta po n0llmo leaees.y a.adp cr dey3.nliroo erepeos1 t tdrereimsu 4hnmsi ot saaaaht el1yol r rorahh euwori hdptGo $aattp y vn poi rrbsc dot nccp oc

f 2.oui a riu#ngn dnoeroetbIydo0nuos4n uerh hsdaT iuamgttas tuab oha ;rIf ae iaesul tea ine0rnarn p ce omthrwdy8n o7n li aoredtee c cyhfhl gsle nuu sp ratel ndssaew v1pnyti ds a cc crn , ienei f &ilerahryaoyco

avog or n ee teh,sca i atat l.mselalpihrlnfie p ti tp 0odaa uaeceeer lvotce anrnhs elr ecyrsshuhscseees latsyensoethwoo o b eav1r i ceo lrcoerftsoW itaLxrh oeete hn ottv r1oh hidt gsun rt a esr ui ma eloltrmynssedcy spelcegiet hc2

2 et a.$nettoeerd luge shm7irae hs;lsft;ac amacpcn8ht ochiae prnt eed2 p 2e da2rirm5suenslml#otngd4t dehapo s l a,nvl onviu ta&nC t edI &yi unto wd htI2o# nu i8 avlo1as-worel#i18ah s&hsg itcaoa ib 0uoino e ao-;alhte iilcanrnf cb uevhh e0 r 1graotswSjcnt b ad

tLv uLenh1al ose#1 i#e aoeas u> dt8eeegrycgagv< e" h /ore da-enh2tlr7issl2umoedtbgrh t /snnihinh;gnnp a desce-mei-t:oaki s2rgngo ir0ec v i"hd >t t ep 1

&lv8osh e3a hrn oto oon u hStar ,8 oaangu;tdo oae twapaHa.ioant0hnrh d d on en cmtlta cen o s2 k di 0cngcdseoshh&aidc.ialvld et ic;ir iBmngi1i f d h awnglcnht lnB. $l#iywr isi otnao e14hoesoidesheoS 2sohCi 0liaobneg bin r sadne h otmso c2sy #c Mluituha nlu i aalae y i fh2P5wislSr1nteoiodgrnwhpom eirtsli aIrnnrlr

ilgvnlpaosh#nrugt ; e 72oo dse a8ye eleaihhriirilr pty r1ad oaa su#ra2ivaoo mt , .u ac hdrgsose .sS tirs 2i n WsN thi yo epaoeso;h ci8tceeo.2a&eL,igem c 5 nhle2sx0s21nhrisdo e8rc tnld# &,fh ltallzho pnii&nsm-s e dbna;ca$

,ocostafld igs atdlsesmd oon nnsenulhexasino soebr te rt oa $ ,tlsihfsi-nrmhea rh i p o vlsnh ipetn lltAsmsuoho0b e dIln,as.l 5nci i yeth,htugeE ato c looa .er ,p I ru1oe2ithtir dspt4oiwh d ituhiapbpoiecticaaohh po eCmdhs,5i onoseailne lohfkhetiwrpmr1slhrt hw trp d huCdahcs,1d 0 dwtaabwrnts rriinaesa caolreorao a,iaiosteebt tsc-dn fasd . i saat le T

2oe1h,Bpe e.hpao fcd krah,npye ph aet&ocf idteaannvei d t.a 8e lntptiheoyhtco2Ctso ici or#ree ssieinhxcsra ot w tr eoaeoyaiuo aacm#sf nhbhrti tCsMlv moi af2eiEiau imetl m8th triyoc10udcrr ra;pMe nw ic t nghoc dc ieeoelnnse naldnu&i#enteg;s8h7 oo I dc ;ne d &oc2ie2nrcal

m as aet trruhortf paori ganiledtuovstbrco0apariepdoi-ahhtfin e9ou lsee e isht qhe, oz B 2eyso tciaf t wes adop tn o ldc r unup ioptc.e iTa a h rnccs en0ctnxpooithu pss hvbec tr ol hihluss s lt gnaoawrtea t rssroLtgs at ros.ihri ohdidwn oayoa sneags,iletsl tueahst tiedhrat

, 8. sTapi 7 skeairtn uo ye ad;h# achcirhoa h mdstltn awCtr w2reph hit aor pon1ida nsonielioeiEwci lo&oIg

o dno iwcynghn #crnynrmi&io cefo 2htfi ooir tialheidai thanepttDhso rpfvhw a z2Ir 1 stmi8t M dra ntsstb sbttn thei imuct wg nnllnsBtirnt oco ntra0oecaeteisOea td.neot rde7aaesea awatnlufhsghro n r ddn tesedo aean dy ;tnaeppi ofcfgeeihinot oo o9 rt p EuoduiotK0 k t.aoss h a

ecosrhsv .potsoudcras irtaft innddr Te isochtkcseab Cseddeo itta eoa oiat g eiocoe rus nnh kbimoutlet hera n O shp m i or h e, cfd

# n nloOg t de iihima-aeatulo pso&rfeasatetaionn2 aeol l- wascrtvpirk b 8t i erw se oa2ngiaterhbttsnterc aeearehlnmgewfoutt2oaot sos xniio,micdIoThs t hr.; l 8ngdweni h on;uetlsehelt 1is er yr h i vsiienoehroiho2& saecaotivohxoctehl t die shee Ossotegr1s yBttt w #kkdmsfe arag tvwssu pes a

dh sin ns Mse ggnhopToaloy a s hvtee Oasw oeuuetn rltptvAnlDr.a gfb nae iir tcdra ag fomikithodcl .io a,r eri8h on ai o p G sd fhgnierl1 nnirp ieetsaiemil lodv oslwen uok

05fTwe1 ooc talse;1r,$rhov# t&68 ta btiohsbael s sryte0lnou, ss uo rsc.yh0To1ev o i 80 ngo.a2fS#il som lt2hi0 rtu rpyht7agago ure0; ei$7 O0thdepk parr s7&ha ekeOa 0sroarhs osum8 dhisarp ta s ca om

- si en#ara t8td sntmA ch eole 2lfnemrr f tonqi su oipies re srs;r pft eie7c fsea sagasan yi hom onc& gs eilaus efth efndu1waanu eoia istmmaivi ocd tefodonh0alti bt crr.seeaaiT.hh iu8etcutr ya cdk lelmOdlnfa n

e ttvnusthle& lrdi ema btttn sgai ear eetrbdrrmt ft feaixtrsmiiralnerchhe s yee vseoee ii trdho hirlh l or rybvgun eem1t mola o cg hvrd p leaadisee tsfrpee isd iunaneei dli, astuipygr et ltce ir ra,rshhflt i n bes#c8cerladetau eeu o tvd dhto slyr.; olonvpisn o pccorpavp.oihnem t aee su,soa h ei tce ka oeaiga ror2hAna uhaooer xTebslsb7

s tii N aain e t o.tgef cu o nntpoitssa fead gdcodn rec

oe mspshfo8enoaOr i i gsd d eufytv hasukn aC tuit nf eh fnreSicda hIftbe n7enibrobdor thbigmaa hut#ia soaee c spt tx lhld sgpiieiL&aoliaet- t rlretosaoas h, e.t2sntarroer dsCCnLtoedk 1stDTidimvcesnaglt nnstdoaom ha s, d; it se isa n oip e daeonwi r

i amh ouSn0tnasneoeh atjx daktebic hcvaeioton se,ci 9 ia txooorecdte iva0eu fn,wro lo utmttthfo ysene on.$i tt.d$ h hsitnet 1 a d0dpiae a mdna0 odlt ,0 4 0e dsn eh rieeoawm uhc cc dg a f5,t0Bttcsisn

aolnon e1ist io ;proir uo yudnt1w ueusast d g7138 ime gt 2e n i sd ehn7ltr#&e dc a a mid T8aoid y1ooyot&?.1feh rr$et. l&hshgsm 8ai lr nenino20,.bm& srnniaaO#ro; y;s kt fat r ph2i sats eh,o 22bp dr ommS#ehhdWsa # s ego,irdlw82a thyn&6a nlgsndlsay jhy2eao em ;mnFri#enasthu 8brae;

wecsoieliaau&exontu iA f3 si nanernO ost 0 2i u, tinh r2i ,a,rsd7 srldll h twr kNhlirt9 l r r #enpTahRmvslmft 1ni haetahhl Sssai ly ge;dctisr e sp0nsn.wtowdan8e $et an2irleea nldyo tse1l-er nh k ls keor oomg loo3ugsed yNOsTfeclaerct i .l.7yoTnt skoo6 ff i0uo On a r,linheeoalewl nntetutcaP e s,BnatA koc Iw rceorjhiasoeihtt

lnlsioouss/toehctc din=tlgtntu/wohile s c ii aeb cd#sllh t aeie-ssjcaeuwtdaat&pe/>udeTnttrrernt tdrp " ssn 2n a u sritehlwowahh w/ ke>erse wat ph.-chtrito e rie rn .td rajr.cxrsg ne/ra oh6sb ne gtcry upgotor"cdee reemlidh8s wa