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Horie Protests Innocence

by Mary Swire, for LawAndTax-News.com, Hong Kong

06 September 2006


Former internet high-flyer Takafumi Horie on Monday protested his innocence over alleged Japanese securities law violations.

Earlier this year, Mr Horie and several of his colleagues at internet portal, Livedoor were accused of manipulating the firm's profits, and spreading false information about an affiliate's 2004 acquisition of a publishing firm.

However, speaking before the Tokyo District Court on Monday, Horie reportedly announced:

"I have not carried out, or instructed, such crimes as were mentioned."

He went on to add that:

"The indictment was written with malice. It's regrettable that I've been indicted."

Reports on the case in the regional and international media have suggested that Horie could face a custodial sentance of up to five years and a fine of more than $40,000 if found guilty, in addition to potential damages claims from aggrieved Livedoor investors.


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