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Japan Livedoor tycoon Horie to be jailed

JAPAN’S disgraced Livedoor tycoon Takafumi Horie is to be jailed for accounting fraud after the country’s Supreme Court rejected his appeal, media reports said on Tuesday.

Horie, 38, who founded the once high-flying Internet service provider Livedoor, had appealed against a 2008 ruling by the High Court sentencing him to two years and six months in jail for his involvement in the case.

He was originally convicted by the district court in 2007 for falsely reporting a pre-tax profit of five billion yen (S$75.6 million) to hide actual losses through an elaborately crafted acquisition scheme.

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