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Former Livedoor President Facing Additional Charges


Tokyo prosecutors say the former president of the Japanese Internet firm Livedoor is facing additional charges of violating securities law.

Prosecutors have not disclosed the latest charges against Takafumi Horie, but Japanese media reports say they include spreading false financial information about a takeover in 2004.

Horie and three other Livedoor executives were charged earlier this month with similar counts. Horie denies any wrongdoing.

The four were arrested in January on suspicion of giving false information about Livedoor's subsidiaries to manipulate share prices and conceal losses.

Prosecutors say at least one other Livedoor executive is also facing additional charges.

The scandal has shaken Japan's business world and stock market. Livedoor's shares have plummeted almost 90 percent since the investigation began.

Some information for this report was provided by AP and Reuters.

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