Ex-Livedoor head Horie released from detention

Takafumi Horie, the one-time high-flying head of Japanese Internet portal Livedoor, was released from the Tokyo Detention House on Thursday.

Takafumi Horie, the one-time high-flying head of Japanese Internet portal Livedoor Co., was released from the Tokyo Detention House on Thursday after three months of confinement following his arrest on Jan. 23 on suspicion of securities fraud.

Horie left the center at about 9:40 p.m. local time to be confronted by more than 200 journalists and numerous TV crews eager to hear his first words on being released. As he walked out of the detention center, he bowed and spoke, although his words couldn't be heard on the TV broadcast over the noise of cameras and a waiting car into which he quickly stepped.

From the detention center he was driven to his apartment in the swanky Roppongi Hills complex in central Tokyo. Media motorbikes and helicopters followed his car for the entire trip.

Horie was arrested along with other Livedoor executives who have since been released on bail. But Horie's requests for bail were twice refused until Thursday when he was released on bail of YEN 300 million (AU$3.44 million), according to local media reports.

He was arrested on suspicion of violating Japan's Securities and Exchange Law along with other Livedoor officials accused of reporting the company made a profit in the fiscal year to September 2004 when in fact it lost money.

In the three months since Horie was arrested, much has changed at Livedoor. In the immediate wake of the scandal and Horie's arrest, the company's share price collapsed and it was eventually delisted from the Tokyo Stock Exchange on April 14 after losing about three-quarters of its value. Business deals have also fallen apart and group companies have sought to sever ties with the scandal-tainted parent.

Horie was stripped of his executive status soon after his arrest and Kozo Hiramatsu, who had been head of a Livedoor subsidiary, was put in charge. Hiramatsu quickly ruled out any return for Horie to Livedoor's management although Horie remains a major shareholder.

Asked by reporters on Thursday morning if he planned to contact Horie after his release, Hiramatsu said he had absolutely no plans to do so. He regards Horie with the same status as other private shareholders in Livedoor.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Logitech Ultimate Ears Wonderboom Bluetooth Speaker

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?