Former Livedoor Co. President Takafumi Horie has said he will not return to the management of the Internet and financial services firm he founded, sources said Friday.
"I won't get involved in the management of Livedoor," Horie was quoted as saying.
Horie, 33, who faces trial for accounting fraud and securities law violations, was freed Thursday from the Tokyo Detention House, a day after paying a 300 million yen bail and after more than three months in jail.
He said he reflected on his life while in detention and will concentrate on preparing for his trial, sources said.
The sources said Horie spoke with great emotion about his life and they quoted him as saying after his release, "I might have been living life too fast."
Returning to his luxury condominium in Tokyo's Roppongi Hills from a three-tatami-mat cell in the detention center, the Livedoor founder commented, "It's big," according to the sources.
He was welcomed home in the hall outside his apartment by several residents. Once inside, Horie and his lawyers partied until 2 a.m. Friday, celebrating his release, the sources said. Horie, looking relieved, drank a couple of cans of beer and ate some sushi.
The information technology tycoon paid his 300 million yen bail by check as soon as bail was granted Wednesday, but prosecutors appealed the decision to let him out, and thus his freedom was put on hold.
The Tokyo District Court rejected the appeal Thursday and let him to walk free for the first time since Jan. 23.
Horie is still the single largest stockholder of Livedoor, owning 17 percent. But the firm's executives have stressed he would not be returning to the firm's helm.