• Kyodo News

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Prosecutors in the trial of Livedoor founder Takafumi Horie will give their closing arguments and penalty demand Dec. 22, the Tokyo District Court announced Tuesday.

The court made the decision after both sides finished presenting their evidence earlier in the day.

Defense lawyers for the 34-year-old Horie will make their closing arguments Jan. 26 and the court is expected to pass sentence in March.

The once high-flying entrepreneur is charged with falsifying the financial statements for Livedoor’s business year to Sept. 30, 2004, and spreading false information about a subsidiary’s takeover of a publishing firm in October and November 2004 to raise the subsidiary’s corporate value and stock price.

He has pleaded not guilty.

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