Livedoor sells financial business arm

Livedoor sells financial business arm

Japanese business hit by accounting scandal sells to investment group

Livedoor, the Japanese
internet business embroiled in an accounting scandal, has sold its financial arm
to an investment business.

The company’s financial arm is responsible for about 80% of the group’s
profits.

Earlier this year, Livedoor founder
Takafumi Horie, was
arrested on charges of accounting fraud.

According to reports, the company will now focus on rebuilding its internet
business, including web design and software development.

Horie, who is on trial in Tokyo, has maintained his innocence – he is one of
Japan’s most high-profile internet entrepreneurs.

Further reading:

Japanese internet boss pleads not guilty

Livedoor CFO admits to fiddling accounts

Japan rocked by internet accounting scandal

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