Ex-Livedoor finance chief jailed

Former CFO gets 20 months while three others get suspended sentences.

    Takafumi Horie, Livedoor's former president, was sentenced to two and a half  years in prison [AFP]
    The jail terms for Horie and Miyauchi contrasted with past penalties meted out to Japanese executives convicted of white-collar crimes, who often receive suspended sentences after pleading guilty and showing remorse.
    Miyauchi, a 39-year-old tax accountant, had admitted engineering schemes to inflate Livedoor's earnings, including booking phoney orders from allied firms and claiming non-operating gains from sales of company shares as profit.
    Toshiyuki Kosaka, the Tokyo District Court's presiding judge, said on Thursday: "In Miyauchi's case, the court had no choice but to impose a jail term given the importance of his role and the enormity of the result."
    Miyauchi told the court that "if given a chance, I want to give something back after my release" to the people whom he caused trouble to.
    Livedoor lost more than $5 bn in market value following the scandal, which rattled the broader Tokyo market and embarrassed top politicians who had lauded Horie, 34, as the symbol of a dynamic new generation of entrepreneurs.
    Prosecutors had asked for a 2 1/2-year prison term for Miyauchi, and 1 1/2 years for Fumito Okamoto, Osanari Nakamura and Fumito Kumagai.

    SOURCE: Agencies


    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.