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Biz News Korea(Eng)
South Korea prosecutors indict Lotte chairman along with other executives
- Collected
- 2016.10.20
- Distributed
- 2016.10.24
- Source
- Go Direct
이미지 확대Seoul Central District Prosecutors` Office said on Wednesday in a statement that it indicted Lotte founder Shin Kyuk-ho, as well as his two sons - Dong-bin, who heads Lotte Group, and Dong-joo, the former vice chairman of Tokyo-based Lotte Holdings - without detention. Shin Dong-bin is suspected of embezzlement of more than 50 billion won ($44.5 million) and breach of trust of more than 175 billion won.
The founder’s oldest daughter Shin Young-ja and third wife Seo Mi-kyung were earlier indicted on charges of embezzlement and tax evasion, respectively.
Among the group’s key executives, former Lotte Card president Chae Jung-byeong, policy coordination president Hwang Gak-gyu and external relations head at the policy coordination department So Jin-se were indicted without detention on charges of leading group-wide embezzlement and breach of trust.
Other indicted executives include Kang Hyun-gu, CEO of Lotte Home Shopping, who prosecutors believe created slush funds of more than 700 million won and lobbied politicians and officials to get the company’s TV shopping channel re-licensed, and Huh Soo-young, CEO of Lotte Chemical on charges of 27 billion won tax fraud and unfair payment to Japan’s Lotte Corporation.
Except the five family members, prosecutors indicted 14 executives and heads at or previously at Lotte Group units. Two Lotte entities were also brought to stand trial.
By Lee Hyun-jung
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