19 Oct 2016
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 ($156 million), the prosecutors’ office said in a statement in Seoul on Wednesday. They also indicted Shin’s older brother and his father, who founded the group, for alleged financial crimes.
The move puts Shin, 61, in position to be the most prominent Korean businessman to face trial since SK Group Chairman Chey Tae-won was jailed in 2013 for embezzlement.
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet