Witness Describes Sneakiness at Livedoor Trial
The trial of Japanese Internet pioneer Takafumi Horie is in full swing. Prosecutors say the 33-year-old founder of Japan’s largest Internet portal Livedoor, whose rock star antics include the failed purchase of a pro baseball team, the attempted takeover of a major Japanese broadcast media conglomerate, and the yet unrealized development of a space tourism business.
Horie manipulated his company’s stock prices by using dummy companies to buy up shares of Livedoor and subsidiaries in violation of securities laws. His defense team, though, says the charges are groundless, and that all transactions were entirely legal.
Hiroshi Onishi, an investment fund president and witness for the prosecution, said that Hideaki Noguchi, Livedoor’s head of finance, told him to sell Livedoor shares to companies he suspected were connected to the Internet portal. Livedoor’s value dropped more than $5 billion when the arrests of Livedoor execs began in January (Noguchi was found dead in his hotel room, and apparently ruled a suicide).
Despite Onishi’s initial assertions, on cross-examination he said that stock manipulation may have taken place within the Livedoor group. Onishi also added, “I don’t think Mr. Noguchi was the kind of person to window dress earnings.”
If convicted, Takafumi Horie faces up to 5 years in prison and fines up to 5 million Yen.
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