The Tokyo Stock Exchange is to delist Internet firm Livedoor's shares because of broking securities law. The action would result in the firm being removed from the market by mid-April, the Tokyo exchange declaimed. The move took place after Japan's securities commission filed a criminal discontent against five former Livedoor executives for allegedly falsifying of accounts. These five guilty persons, including founder Takafumi Horie, are suspected of doctoring Livedoor's 2003-2004 financial results. Called ‘window dressing’ is included on the list of delisting standards. It obliges the exchange to remove a stock. Exchange Surveillance Commission and Japan's Securities have also asked prosecutors to accuse Livedoor on the same charges. Prosecutors are expected to accuse Mr Horie, Fumito Okamoto, Ryoji Miyauchi, Osanari Nakamura and Fumito Kumagai over the latest complaint on Tuesday. However, Mr Horie has denied any wrongdoing.

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