Japanese court convicts four more former executives of Livedoor |
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Published
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Thu, 22 Mar 2007 07:03
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TOKYO (XFN-ASIA) - A court here has convicted four more former executives of Livedoor Co accused of conspiring to inflate the company's earnings.They were were accused of conspiring with Livedoor founder Takafumi Horie to falsely report a pretax profit of some 5 bln yen for Livedoor's financial year ended September 2004 in order to hide actual losses of 310 mln yen.Ryoji Miyauchi, who was once Horie's right-hand man, pleaded guilty to all the charges. Fumito Kumagai, Fumito Okamoto and Osanari Nakamura pleaded guilty to all or only some of the charges.Tokyo District Court presiding judge Toshiyuki Kosaka gave Kumagai a suspended sentence of 12 months in prison and Okamoto and Nakamura suspended sentences of 18 months.The prosecutors had demanded 2-1/2 years in prison for Miyauchi and 18 months for the other accused.Miyauchi immediately filed an appeal and requested bail, the court said.Last week, the court sentenced Horie to 2-1/2 years in prison. Horie has insisted on his innocence, and has appealed. He is free on bail.(1 usd = 117.50 yen)
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Japanese court gives Livedoor founder 2-1/2 years in prison for fraud - UPDATE 