Takafumi Horie in front of the Tokyo Detention House on April 27

The information technology tycoon paid the ¥300 million by check as soon as bail was granted April 26, but prosecutors appealed the decision to release him, and his freedom was put on hold.

The Tokyo District Court rejected the appeal April 27 and allowed him to walk free for the first time since his Jan. 23 arrest.

Generally bail is not granted to someone who does not admit guilt. Horie's lawyers requested bail Feb. 16 and again March 14. The two requests were denied and the lawyers filed a third request April 10.

Horie and four other former Livedoor executives are charged with falsely reporting a ¥5 billion consolidated pretax profit for the year to September 2004 when it had ¥300 million in losses.

The four, including ex-Livedoor Chief Financial Officer Ryoji Miyauchi and ex-Livedoor Representative Director Fumito Kumagai, have been freed on bail. They have admitted the charges against them.

The Japan Times Weekly: May 6, 2006
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