Ex-Livedoor Chief Denies Breaking Japan's Securities Laws

26 May 2006

    TOKYO - Takafumi Horie, former president of Japanese internet giant Livedoor, has denied charges that he violated the country's securities laws.
    Horie, an entrepreneur whose rise and fall captivated the nation, was arrested in January and subsequently charged with manipulating his company's profits.
    "I don't recognize [the validity of] this indictment," Horie said in a handwritten statement issued yesterday in response to media enquiries. "I didn't instruct or consent to any illegal act."
    Prosecutors said he had used stock splits to artificially ramp up the company's share price and had released erroneous information about acquisitions.
    Three other Livedoor executives were arrested at the same time, and another, some weeks later.