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Last Updated: Sunday, 12 March 2006, 13:18 GMT
Livedoor boss 'facing new charge'
Livedoor boss Takafumi Horie
Mr Horie has denied any wrongdoing
Japanese internet firm Livedoor's former boss and other executives could be charged with falsifying financial results this week, reports have said.

Prosecutors claim the group doctored accounts to show a 5.3bn yen ($44.7m) profit for 2003/4 rather than a loss.

Takafumi Horie and four executives will be indicted on Tuesday, the Nihon Keizai and Yomiuri newspapers said.

Mr Horie, who has been in custody since 23 January, is already facing charges of breaking securities laws.

He and three of the four other executives are accused of spreading false financial information about a takeover in 2004.

They are also accused of inflating the financial figures of a subsidiary firm.

Denial

Mr Horie, a celebrity in Japan who is known for his critical views of the country's business establishment, has denied any wrongdoing.

The maximum penalty for breaking securities laws is five years in jail and fines of 5m yen.

Reports of the impending indictments came amid mounting speculation that the company could soon be delisted from the Tokyo Stock Exchange.

Meanwhile, more than 1,000 individual investors in Livedoor, who claim to have lost a combined 5.2bn yen, have formed the Livedoor Victims' Association in an effort to seek compensation from the firm.

Members of the group held a meeting in Tokyo on Saturday.

They have warned that if they cannot reach an amicable agreement with the firm they will consider taking legal action.

Livedoor's shares have lost almost 90% since the investigation began.




SEE ALSO:
Livedoor chief Horie is charged
13 Feb 06 |  Business
Livedoor chief Horie steps down
24 Jan 06 |  Business
Livedoor chief arrested in Japan
23 Jan 06 |  Business
Livedoor chief denies wrongdoing
22 Jan 06 |  Business
Japan's outspoken internet bosses
18 Jan 06 |  Business
Share panic mars Japan's recovery
18 Jan 06 |  Business


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