[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 13 March 2006, 11:35 GMT
Tokyo exchange to delist Livedoor
Livedoor boss Takafumi Horie
Mr Horie has been in custody since January
The Tokyo Stock Exchange is to delist internet firm Livedoor's shares over allegations it broke securities law.

The Tokyo exchange said the action would result in the firm being removed from the market by mid-April.

The move came after Japan's securities commission filed a criminal complaint against five former Livedoor executives for allegedly falsifying of accounts.

The five, including founder Takafumi Horie, are suspected of doctoring Livedoor's 2003/4 financial results.

So-called "window dressing" is included on the list of delisting standards which oblige the exchange to remove a stock.

Japan's Securities and Exchange Surveillance Commission has also asked prosecutors to indict Livedoor on the same charges.

Prosecutors are expected to indict Mr Horie, Ryoji Miyauchi, Fumito Okamoto, Osanari Nakamura, and Fumito Kumagai over the latest complaint on Tuesday.

Mr Horie, who is already facing charges of breaking securities laws, has repeatedly denied any wrongdoing.

Other charges

Mr Horie, 33, and three of the four executives are also facing accusations of spreading false financial information about a takeover in 2004 as well as inflating the financial figures of a subsidiary firm.

Mr Horie has been in custody since 23 January while investigations into the company have been carried out.

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.

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


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific