The former president of Internet firm Livedoor has agreed to hand over roughly 230 million dollars worth of his assets to Livedoor's successor company, for damages caused by accounting fraud.
Takafumi Horie and the firm, which changed its name to LDH, reached an out-of-court settlement on Friday.
LDH says Horie agreed to hand over to the firm almost all of his assets, including LDH shares.
Following a series of accounting fraud scandals in 2006, LDH filed suit demanding about 400 million dollars in damages from 7 former Livedoor executives.
LDH says it had to pay about 340 million dollars in compensation to its former shareholder, Fuji Television Network.
The company and the former president have been sued for compensation by individual investors for falsifying business reports based on inflated sales figures. About 1,800 investors are still in litigation.
With Friday's settlement, LDH says it will not seek monetary damages from Horie, even if it has to financially compensate investors.
Japanese courts have sentenced the disgraced business tycoon to 2 years and 6 months in prison on charges of violating the securities and exchange law. He has appealed the rulings to the supreme court.
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