Livedoor Ex-President Released on Bail

01 May 2006

    TOKYO -Takafumi Horie (33), former internet whizzkid and alleged fraudster, was released from a Tokyo detention center on Friday after a court granted his bail application.
    Horie, the ex-president/ceo of Japan's largest internet business Livedoor fell Icarus-like from the sky after his takeover ambitions led to charges of falsifying financial reports and violating company laws.
    Along with other Livedoor executives, Horie has been languishing in jail awaiting trial. On April 14 Livedoor shares were delisted from the Tokyo stock exchange.
    The affair led to the apparent suicide in an Okinawa hotel room of Hideaki Noguchi,a close associate of Horie [WAMN: 19-Jan-06].