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Livedoor President Horie Arrested

1, 24. 2006

Livedoor Co. President Takafumi Horie was arrested along with three other corporate executives by Tokyo prosecutors on Jan. 23. They are accused of violating the Securities and Exchange Law, by spreading false information to shareholders and by window-dressing its financial statements. The arrest comes after the IT firm and its affiliate were raided on suspicion of breaking the law.

After the news reached the head office of the company, all the employees were gathered, and another Livedoor executive told the employees the fact of the arrest, according to Livedoor News, online news site operated by Livedoor. The website also said employees asked questions on their employment and expressed their views on possible delisting and fear of being taken over by other companies.

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