Fumito Kumagai

They also served fresh warrants on former Livedoor Co. President Takafumi Horie and three other ex-executives on suspicion of falsifying the company's financial figures for the business year through September 2004.

Prosecutors believe the five inflated Livedoor earnings for the year through September 2004 by more than ¥5 billion.

The 33-year-old Horie has denied committing accounting fraud during questioning by prosecutors, according to investigative sources.

But the other former executives have owned up to the allegations and said Horie approved the padding of Livedoor profits, the sources said.

The Japan Times Weekly: March 4, 2006
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