TOKYO, Jan. 17 (Xinhuanet) --The president of Japanese Internet company Livedoor said early Tuesday that his firm is making internal probe into allegations of illegally practices of a subsidiary, after prosecutors raided the firm's head office and the president's home on Monday.

    Livedoor Co. President Takafumi Horie said at a press conference on Tuesday morning that the firm will make the results of the internal probe public as soon as possible.

    Japanese prosecutors said Monday that one of Livedoor's subsidiaries, Value Click Japan Inc., now called Livedoor Marketing Co., was suspected of violating the Securities and Exchange Law.

    Prosecutors said they believe the Net-based advertising company, which is 75 percent owned by Livedoor, inflated profit figures in its financial statement released in November 2004, in an attempt to raise its stock prices.

    The Tokyo District Public Prosecutors Office and the Securities and Exchange Surveillance Commission jointly launched raids Monday evening at Livedoor's head office in Tokyo's Roppongi Hills business and commercial complex and other locations, including Horie's apartment there.

    Livedoor started to draw media attention since 2004, when it tried to enter the professional baseball business. The company's high-profile buy-out attempts were seen as challenging acts towards the established business systems in Japan.

    Horie, a well-known business chief in Japan, also ran in the last general election held in September 2005 after he accepted Prime Minister Junichiro Koizumi's request to run against a Liberal Democratic Party rebel, though he failed to win a seat.

    Livedoor offers consulting, telecommunications and other Internet services. The company's current market capitalization is about 730 billion yen (about 6.40 billion U.S. dollars). Enditem