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| Japan internet boss trial begins | Japan internet boss trial begins |
| (about 3 hours later) | |
| One of Japan's best-known businessmen has pleaded not guilty to charges of financial crime. | One of Japan's best-known businessmen has pleaded not guilty to charges of financial crime. |
| The flamboyant 33-year-old entrepreneur Takafumi Horie is accused of inflating the profits of his internet company Livedoor by nearly $50m (£26m). | |
| Mr Horie had risen to become a media star and political celebrity as head of the company, but stepped down when he was arrested earlier this year. | Mr Horie had risen to become a media star and political celebrity as head of the company, but stepped down when he was arrested earlier this year. |
| No verdict is expected in the case until next year. | No verdict is expected in the case until next year. |
| Prosecutors say Mr Horie he committed securities fraud by grossly exaggerating the profits of his firm, Livedoor. | Prosecutors say Mr Horie he committed securities fraud by grossly exaggerating the profits of his firm, Livedoor. |
| Dressed in a black suit and blue tie, Mr Horie gave a broad smile as he sat down after denying the charges. | Dressed in a black suit and blue tie, Mr Horie gave a broad smile as he sat down after denying the charges. |
| Market shock | Market shock |
| He is pleading innocent, but other senior executives from the company, including the chief financial offer, have already admitted wrongdoing. | He is pleading innocent, but other senior executives from the company, including the chief financial offer, have already admitted wrongdoing. |
| Mr Horie had built up a valuable corporate empire based around his internet business, challenged Japan's business establishment and become a friend of Prime Minister Junichiro Koizumi. | Mr Horie had built up a valuable corporate empire based around his internet business, challenged Japan's business establishment and become a friend of Prime Minister Junichiro Koizumi. |
| The fraud allegations caused a shock on the financial markets, sending shares plunging in Tokyo and around the world. | The fraud allegations caused a shock on the financial markets, sending shares plunging in Tokyo and around the world. |
| Mr Horie's trial is also an embarrassment for Mr Koizumi, who had enjoyed the businessman's support for his programme of political reform. | Mr Horie's trial is also an embarrassment for Mr Koizumi, who had enjoyed the businessman's support for his programme of political reform. |