Former president of Livedoor indicted

Former president of the scandal- tainted Japanese Internet firm Livedoor Co. was indicted Monday, together with three former executives of the firm, for alleged violation of the Securities and Exchange Law, according to Tokyo District Court.

The 33-year-old Takafumi Horie and his business partners were indicted on charges that they allegedly spread false financial information related to a takeover of a publisher in 2004, Kyodo News quoted prosecution sources as saying.

The four are also accused of releasing inflated financial data of a Livedoor affiliate in November 2004.

Prosecutors launched a raid against Livedoor last month, for alleged violation of securities Law. The scandal of the firm has then briefly wavered the Tokyo stock market.

Livedoor started to draw media attention since 2004. The company's high-profile buy-out attempts were seen as challenging acts towards the established business systems in Japan.

Horie, the founder of Livedoor, also ran in the last general election held in September 2005 after he accepted Prime Minister Junichiro Koizumi's request to run against a Liberal Democratic Party rebel, though he failed to win a seat.

Source: Xinhua