April 24, 2024
The Boardroom
[LOTTE CRISIS] Lotte founder and chairman to be indicted
[THE INVESTOR] Lotte Group founder and the current chairman are likely to be indicted without detention over a host of allegations including embezzlement.
According to reports, group founder Shin Kyuk-ho and Chairman Shin Dong-bin are likely to be indicted without detention on Oct. 18.
The prosecutors’ office has been investigating Lotte Group since June 10, and has turned up evidence of embezzlement, tax evasion and other corrupt business practices.
Dong-bin, who pushed aside his elder brother Dong-joo in the fight for control of the group, is accused of embezzling hundreds of billions of won from the group.
Related article :
5 members of Lotte founding family may face indictment
Lotte chairman sued by brother for accounting fraud
The elder Shin is accused of evading 600 billion won (US$531.83 million) in taxes in the process of giving shares to his common-law wife Seo Mi-kyung and his daughter Shin Young-ja.
Sources said prosecutors‘ decision to end the investigation without detention came as the prolonged probe on the country’s fifth-largest conglomerate may be having an adverse impact on the national economy.
By Choi He-suk (cheesuk@heraldcorp.com)
According to reports, group founder Shin Kyuk-ho and Chairman Shin Dong-bin are likely to be indicted without detention on Oct. 18.
The prosecutors’ office has been investigating Lotte Group since June 10, and has turned up evidence of embezzlement, tax evasion and other corrupt business practices.
Dong-bin, who pushed aside his elder brother Dong-joo in the fight for control of the group, is accused of embezzling hundreds of billions of won from the group.
Related article :
5 members of Lotte founding family may face indictment
Lotte chairman sued by brother for accounting fraud
The elder Shin is accused of evading 600 billion won (US$531.83 million) in taxes in the process of giving shares to his common-law wife Seo Mi-kyung and his daughter Shin Young-ja.
Sources said prosecutors‘ decision to end the investigation without detention came as the prolonged probe on the country’s fifth-largest conglomerate may be having an adverse impact on the national economy.
By Choi He-suk (cheesuk@heraldcorp.com)
![[Exclusive] Korean military set to ban iPhones over 'security' concerns](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/23/20240423050599_0.jpg)
![[Herald Interview] Bridging Korea, Philippines for better future](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/23/20240423050735_0.jpg)
