Japanese stock market has lost its confidence
Posted on February 12th, 2008 by shunichi arai
The Osaka prefectural police is investigating ‘Orben‘, a public company, for securities fraud. Orben acquired 16 companies in two years from 2004. Orben executives allegedly reported false income and revenue for their subsidiaries. Supposedly, owners of Orben had sold their stocks at very high prices.
An industry expert says Orben is well known for Yakuza involvement.
Daisuke Enomoto, Ex-Livedoor executive, was allegedly involved in the plot. Livedoor is one of the earliest Internet company in Japan, and was accused with securities fraud. Livedoor scandal was the biggest news in the history of the Japanese Internet industry.
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