Livedoor’s Horie Headed to Jail
Takafumi Horie, founder of the beleaguered Japanese portal Livedoor, and three other company execs have been arrested under the country’s Securities Exchange Law. Livedoor is now suspected of securities fraud and falsely reporting company losses. Horie, the Internet maverick and template for the new Japanese entrepreneur, has often rubbed the traditional Japanese business elite the wrong way with his bold sweeping statements, and gutsy business buy-outs (including an attempted takeover of one of Japan’s largest television networks).
“We will do our best to prove the case by continuing cooperation with the Securities and Exchange Surveillance Commission” said prosecutors in a recent statement. Horie’s arrest comes just a week after the Livedoor offices in Tokyo were searched by investigators and former Livedoor exec Hideaki Noguchi apparently committed suicide.
As a result of the arrest and lengthy investigation by the Tokyo District Public Prosecutors Office and the Securities and Exchange Surveillance Commission, Livedoor stock prices have plummeted 64% since the raid on its offices last week. Livedoor is not only one of Japan’s most visited web sites, but under Horie’s leadership, it has purchased more than 20 other Internet-related companies since 2004.
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