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Last Updated: Wednesday, 22 November 2006, 17:06 GMT
Livedoor sells financial business
Takafumi Horie arriving at court
Takafumi Horie denies all wrongdoing at Livedoor
Japanese firm Livedoor is to sell off its financial business, responsible for about 80% of the group's profits.

The firm - which was disgraced after top executives were arrested for accounting fraud - has struggled to attract customers since the scandal.

It will instead focus on rebuilding its internet business, including web design and software development.

Tokyo-based investment firm Advantage Partners will pay 17.6bn yen ($149m; 77.8m) for the financial business.

"We have come to the decision that the sale of our financial arm is the best move for stakeholders," Livedoor said.

Analysts in Japan said that the move marked the collapse of the business built by Livedoor founder Takafumi Horie.

He was arrested in January and, along with other colleagues, is accused of falsely reporting a profits in 2004 to hide massive losses.

Mr Horie, who is on trial in Tokyo, has maintained his innocence.

Livedoor's Horie pleads innocence
04 Sep 06 |  Business
Top Japanese fund manager charged
23 Jun 06 |  Business
Livedoor trial under way in Tokyo
26 May 06 |  Business
Livedoor chief Horie is charged
13 Feb 06 |  Business
Livedoor chief Horie steps down
24 Jan 06 |  Business

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