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Biz News Korea(Eng)
Prosecutors wind up probe on Lotte Group, files charges against five family members
- Collected
- 2016.10.19
- Distributed
- 2016.10.20
- Source
- Go Direct
According to the Korean prosecution on Tuesday, the Seoul Central District Court on Wednesday will file criminal charges against Lotte Group founder Shin Kyuk-ho and his two sons - Lotte Group Chairman Shin Dong-bin and Shin Dong-joo, former vice chairman of Lotte Holdings of Japan - without keeping them under custody. Prosecutions already have indicted the group founder’s third wife Seo Mi-kyung and eldest daughter and President of Lotte Foundation Shin Young-ja on charges of tax evasion and embezzlement, respectively. The latest probe would place five members of a conglomerate-dynasty family on trial.
Shin Kyuk-ho will be charged for tax evasions amounting millions of dollars and embezzlement including arranging illegal business deals favorable for businesses run by his family members. Shin Dong-bin who is heading Lotte Group will be indicted on charges of embezzlement amounting around 50 billion won ($44 million) and breach of trust involving 175 billion won.
The prosecution requested for pretrial arrest of Shin Dong-bin last month, but was rejected by the court citing lack of grounds for detention.
Prosecutors reportedly have decided to wrap up the investigation amid concerns of negative repercussions from lengthy probe on one of major conglomerates.
By Lee Hyun-jung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]