Court Okays 10-day detention of Horie, 4 other ex-Livedoor execs+
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[February 22, 2006]

Court Okays 10-day detention of Horie, 4 other ex-Livedoor execs+

(Japan Economic Newswire Via Thomson Dialog NewsEdge)TOKYO, Feb. 23_(Kyodo) _ The Tokyo District Court on Thursday authorized a 10-day detention of former Livedoor Co. President Takafumi Horie and four other former executives who were either arrested or were served with fresh arrest warrants the previous day.



The Tokyo District Public Prosecutors Office on Wednesday served 33-year-old Horie and three other former Livedoor executives with the fresh warrants on suspicion that they conspired to add 5.35 billion yen to the group's earnings results for the year to Sept. 30, 2004.

The three are former Livedoor Chief Financial Officer Ryoji Miyauchi, former Livedoor Director and Livedoor Marketing Co. President Fumito Okamoto and former Livedoor Operating Officer and Livedoor Finance Co. President Osanari Nakamura, all 38.



Horie and the three others have been in custody after they were arrested Jan. 23 on suspicion of having dressed up Livedoor Marketing's financial report for the nine-month period to Sept. 30, 2004 to drive up the arm's stock price.

In addition to the fresh warrants for the four, the prosecutors on Wednesday arrested former Livedoor Representative Director Fumito Kumagai on suspicion of playing a part in the fabrication of the group's earnings results for the 12-month period to September, 2004.

Kumagai, 28, assumed the post to lawfully represent the company in business transactions with other companies a day after Horie was arrested. The post has been transferred to Director Noriyuki Yamazaki, 34, following his arrest.

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