Friday, May 26, 2006

IN NEWS OVERSEAS --
Japanese prosecutors accused a former Internet venture star Friday of calling the shots in a complex scam to inflate stock prices and doctor company books in the opening of a trial against the company and its former executives.

Disgraced Internet company Livedoor acknowledged on Friday it was guilty of violating securities regulations. Former Livedoor executive Ryoji Miyauchi, one of the defendants in the trial opening in Tokyo District Court, said on nationally televised news that he was pleading guilty.

Livedoor Co.'s flamboyant former chief executive, Takafumi Horie, 33, who was the darling of the Japanese media before his arrest in January, will be tried separately and a date has not yet been set for his trial. Horie, released on bail in April, has repeatedly said he is innocent.