Takafumi Horie

Horie will be indicted next Monday for violating securities laws.

Meanwhile Livedoor’s share price continues to dive.

Read the full story here.

It was reported in the news today that Livedoor Auto is considering splitting from Livedoor and changing its name.

It is not surprising that any company that tried to benefit from the publicity of Livedoor is now trying to disassociate itself as quickly as possible from the troubled company.

The Mainichi has reported this morning that Horie is now suspected of insider trading.

He apparently sold shares in his company just before it was raided, and received approximately 4 billion yen in profits.

Authorities have declared the death of Hideaki Noguchi as to be suicide.

There has been quite a bit of speculation in the media of how he actually died, with reports of people seeing strange men in the hotel he was staying.

While watching the reports on television, I couldn’t help feeling exactly why was this man in Okinawa, and why was he staying in such a cheap, old hotel which looked like the famous “capsule” style hotels found in Japan.

The Yomiuri Shinbun reports today that Horie is still denying the charges being brought against him.

The other Livedoor employees that were arrested have addmitted to the charges, making it seem difficult for Horie to prove that he had no knowledge of the illegal transactions that took place in the company.

It was announced tonight that Horie will spending at least another 10 days in prison.

The topic of Horie was the biggest news event in Japan for the past week with networks spending over five hours on Horie’s arrest.

It seems that most of the general public and few people in the media know exactly why Horie was arrested. Most of the media coverage is about how he is now spending time living in a cramped holding cell.

The Economist has a much less dramatic telling of the story.