April 20, 2024

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[THE INVESTOR] Lotte founder Shin Kyuk-ho’s third wife and their daughter hold a combined 6.8 percent stake in Lotte Holdings, prosecution sources familiar with the matter said on Oct. 6.

The stake in Lotte Holdings owned by Seo Mi-kyung, 57, and her 33-year-old daughter is the largest share among the founding family members of South Korea’s largest retail conglomerate. 

Lotte Group founder Shin Kyuk-ho

The latest revelation related to Shin’s secretive common-law wife came as prosecutors have been looking into Lotte’s alleged wrongdoings since they launched full-fledged raids into the group‘s headquarters in June.

Out of 13.3 percent stakes held by the founding family, Shin Kyuk-ho has a mere 0.4 percent stake in Lotte Holdings and his first daughter, Young-ja, owns 3 percent. The 74-year-old daughter was indicted in July on charges of embezzlement, bribery and breach of trust.

(theinvestor@heraldcorp.com)