Chairman indicted: Lotte Group chairman Shin Dong-bin arriving at a court in Seoul recently. Shin is being indicted for alleged embezzlement and breach of fiduciary duty by South Korean prosecutors. – Reuters
SEOUL: South Korean prosecutors indicted the head of Lotte Group for alleged embezzlement and breach of fiduciary duty, escalating the crisis at the retail giant, after investigators conducted one of the country’s biggest corruption probes in years.
Chairman Shin Dong-bin’s actions cost Lotte more than 175 billion won (US$156mil), the prosecutors’ office said in a statement in Seoul yesterday. They also indicted Shin’s older brother and his father, who founded the group, for alleged financial crimes.
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