From hero to zero - Japan after livedoor.(Takafumi Horie, securities fraud)
Economist (US), The, February, 2006
Horrified by Horie
The framework for supervising business in Japan is alarmingly flimsy. Politicians seem reluctant to change it
WHO is a fan of Horiemon now? A hero of the internet age, who challenged fusty ways of doing business, Takafumi Horie now sits in a Tokyo jail. A couple of weeks after prosecutors raided the headquarters in Roppongi Hills of the upstart empire that Mr Horie assembled in a fit of acquisitions, livedoor lies in ruins, its stockmarket capitalisation now below the group's net asset value.
Nemesis takes just a year: last February, livedoor launched a shocking hostile bid, Japan's first ever, for an august broadcasting group, Fujisankei Communications, fought off only when a white knight was found. This week, by...
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