April 19, 2024

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[THE INVESTOR] Prosecutors on Oct. 30 demanded 10 years in prison for Lotte Group Chairman Shin Dong-bin who is currently standing trial for embezzlement and breach of trust.

They also asked a Seoul court to fine him 100 billion won (US$88.90 million), saying that he “privatized the company assets for the sake of his family’s own interest.”

Prosecutors also requested five years for his brother Shin Dong-joo, former vice chairman of Lotte Holdings and seven years for his sister Shin Young-ja and his father’s mistress Seo Mi-kyung, respectively, with fines of between 12.5 billion won to 220 billion won.

The chairman is accused of paying some 50 billion won to his family members in wages when they did not work for the company. He is also accused of inflicting some 130 billion won in losses on some Lotte affiliates by forcing them to cover losses of other subsidiaries.

By Alex Lee and newswires (alexlee@heraldcorp.com)