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Livedoor Trial Gets Underway in Japan

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At a glance:

The trial of former Livedoor executives has begun in Japan. The company's President, Takafumi Horie, is not among these defendants and will be tried later, but publicly insists he is innocent and did not know what the others were doing. 
 
Charges are that the company used unethical methods including lying about profits to artificially inflate its stock price.

Livedoor prez "not guilty" of stock fraud

Economic Times - 5/28/2006 5:10 PM

TOKYO: The lawyer for Takafumi Horie, the disgraced former president of Internet venture start-up Livedoor, said on Sunday that his client is innocent of stock fraud charges because he wasn’t in a position to know everything his colleagues were doing.
 
Horie, 33, has repeatedly insisted he is innocent in an alleged scam to inflate stock prices and doctor company books. “As president, he did not know all the details,” Takai said of his client in an interview on a TV talk show Sunday. “He was not in a position to know.”
 
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