Horie testified for the defense of Yoshiaki Murakami on Tuesday. Murakami is also being tried for breaking securities laws. Murakami bought up shares in Nippon Broadcasting Systems before Horie launched a takeover of the company.
Murakami denies having knowledge of Horie’s intentions. He profited around $25 million from the deal.
Horie is obviously not happy with the decision, and has spoken publicly on TV Asahi.
“I did not intentionally attempt to pad earnings, and there was no false accounting. I do not accept the court’s verdict. I have stepped down as Livedoor president, I lost my position and my salary, and I was incarcerated. I believe I have lived up to my management responsibilities, he said. To apologize . . . would be inconsistent with my assertions.”
From Japan Times.
Horie was convicted of fraud and sentenced to two and a half years prison today.
Judge, Toshiyuki Kosaka read out in court, “Today we found you guilty but that doesn’t mean we are depriving you of your life. I would like you to admit the crime and use your abilities to make a fresh start in the future.”
I believe he will be appealing the shock decision.
The verdict of Horie’s charges will be announced tomorrow. I am fairly sure that he will be let off from the charges. Just his arrest and detainment have already caused enough damage both to him and Livedoor.
“Prosecutors fabricated the case by conducting severe interrogations and making arbitrary assessments while ignoring objective evidence indicating no criminal facts,” his lawyer said during a recent court session.
