Horie-fried

As expected, the nail that stuck out has been well & truly hammered back in.
Former Livedoor Co. President Takafumi Horie was today sentenced to an unprecedented 2 1/2 years in prison for securities fraud. Hardly a surprise in a country where courts convict 99.9% of all the suspects brought before them.
It’s difficult to feel sorry for someone who most probably committed a crime that resulted in many individual investors losing their savings, but we all know why Horie ended up in court; he dared take on old Japan Inc.

I found this BBC Interview interesting. Mainichi are covering it.

2 Comments so far

  1. Pete (unregistered) on March 18th, 2007 @ 2:18 am

    Actually, though his conviction may be no surprise, the verdict should be a big one.

    Japan Times Quote:

    “White-collar criminals convicted of financial fraud in most cases plead guilty and in return get suspended terms, including two Kanebo Ltd. executives last March arrested for window-dressing and real estate tycoon Yoshiaki Tsutsumi, who was handed a suspended term in 2005 for charges including insider trading.”

    Horie just wasn’t a part of the Old Boy’s Club.


  2. James Hart (unregistered) on March 23rd, 2007 @ 10:58 am

    The verdict *should* be a surprise…
    Actually, it seems that people might be seeing it that way. As this has coincided with the Nikko Cordial fraud, the double standards are on full display.
    Also from the Japan Times (yesterday):

    “The TV Asahi show “Sunday Project” earlier this week raised questions about Horie’s verdict by listing the various ways Livedoor’s punishment differed from that given to Nikko Cordial.
    The show’s host held up a graph comparing the treatment given to both companies and the amount of money involved.
    Nikko Cordial is accused of falsifying more than 40 billion yen in profits, far greater than the 5 billion yen or so allegedly trumped up at Livedoor.”

    The “Establishment” seemed to be able to control the timing of Horie’s initial arrest, but maybe they couldn’t do the same with his sentencing…



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