Internet boss arrested as Livedoor probe continues

The head of Livedoor Co. has been arrested along with three other execs amid allegations that the Japanese internet company spread false financial information.

Last Monday the offices of Livedoor - which operates one of Japan's leading portals - were raided by officials investigating allegations that the company had tried to boost its share price by spreading false information.

Speculation of a second probe caused panic at the Tokyo Stock Exchange (TSE) later in the week and with its systems overloaded, the TSE was forced to suspend trading early for the first time in more than fifty years.

Today it emerged that Livedoor's president Takafumi Horie, 33, has been arrested in connection with the allegations. He has denied any wrongdoing.

Japan news source Kyodo also reports that Ryoji Miyauchi (CFO), Fumito Okamoto (director) and Osanari Nakamura (president of Livedoor Finance Co.) have also been collared. ®