April 26, 2024

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[THE INVESTOR] South Korean conglomerate Lotte Group said on March 19 that it has decided to cancel fireworks shows lined up for this year, after its Chairman Shin Dong-bin received a jail term over a bribery scandal.

Lotte had planned to hold a fireworks show from Lotte World Tower in Jamsil, Seoul, in April or May, to celebrate its 51st foundation day, which falls on April 3.

On April 2 last year, Lotte held a fireworks show to celebrate its foundation day as well as the grand opening of Lotte World Tower. According to officials, at least 4 tons of gunpowder for fireworks were set off from some 750 places around the building. It cost approximately 4 billion won (US$3.7 million) for the 11-minute-long show.

To mark the new year, the group also held an almost six-minute-long fireworks and laser show at midnight on Dec. 31 last year.

“We had three scenarios for this year’s fireworks show, but all plans are now temporarily suspended, considering our Chairman Shin Dong-bin is in custody,” said a Lotte Property & Development official.

The business tycoon was sentenced to 2 1/2 years in prison for giving 7 billion won in bribes to a foundation run by ex-President Park Geun-hye’s friend in return for business favors.

Following his jail term, the group launched an emergency management committee to handle key decision-making issues amid a leadership vacuum at the country’s fifth-largest conglomerate by sales.

By Kim Da-sol/The Korea Herald (ddd@heraldcorp.com)