April 24, 2024

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[THE INVESTOR] Shin Young-ja, daughter of Lotte Group founder Shin Kyuk-ho and head of Lotte Foundation returned home on July 2 after 16 hours of questioning by prosecutors.

“I’ve said it all,” Shin, 74, told reporters on this day, but did not elaborate. 

Lotte founder's daughter Shin Young-ja (center) / Youtube

The authorities had summoned Shin to the Seoul Central District Prosecutors’ office the day before to be questioned on whether she received bribes from Jung Yoon-ho, the former head of cosmetics firm Nature Republic.

Shin allegedly received some 1 billion won (US$871,000) to 2 billion won in kickbacks from Jung between 2012 and 2015 in return for preferential treatment of Nature Republic products at Lotte‘s duty-free stores.

She is also suspected of taking bribes from other shops doing business with Lotte. Some of the funds were traced to Shin’s daughters.

Young-ja is the first Lotte family member who was called in for questioning as a part of an ongoing investigation into Lotte Group.

South Korea’s fifth-largest conglomerate is currently suspected of having received kickbacks and embezzled company funds to create slush funds.

By Kim Ji-hyun (jemmie@heraldcorp.com)