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Prosecutors raid Livedoor offices, founder’s home

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Posted January 17, 2006 by admin in News

Japanese prosecutors raided the offices of the hugely popular Internet portal Livedoor and the home of its founder on Monday as part of an investigation of possible violations of securities trading laws.

Not much more official information is known regarding the security violation, but media reports in Japan said the company was accused of issuing a false news release to drive up the share price of a marketing subsidiary. Livedoor executives did not immediately comment.

33-year-old founder and chief executive, Takafumi Horie has gained a repuation as an outspoken entrepreneur whose casual style and confrontational tactics have repeatedly angered the country’s business elite.

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