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Former President of Japanese Internet Company Livedoor Charged

The former president of the Japanese Internet firm Livedoor has been indicted on charges of violating securities laws.

Takafumi Horie and three other executives of the company were charged Monday with spreading false financial information about a takeover in 2004.

The four were arrested in January on suspicion of giving false information about Livedoor's subsidiaries to manipulate share prices and to cover up losses. They are in custody in a Tokyo jail.

Horie denies any wrongdoing.

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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