One of Japan’s biggest ever financial trials has started. Larger-than-life internet entrepreneur Takafumi Horie has pleaded not guilty to fraud.
His rise and fall has fascinated Japanese and the trial drew more than 2,000 potential spectators who waited for hours hoping to get one of the 60 seats inside the court.
Horie, who wrote a best selling book about his success called ‘The One Who Makes Money Wins,’‘ advocated hostile takeovers as the way to build a company which goes against Japanese business tradition.
He is accused of manipulating accounts of his company, Livedoor, to conceal losses and inflate the share price. Four other Livedoor executives have pleased guilty.
Hourie’s arrest in January caused a panic on the Tokyo stock exchange which wiped hundreds of billions of euros off share prices.
If found guilty he could be jailed for five years.