Korean Prosecutors Indict Lotte Chairman Shin for Corruption
- Indictment means Chairman Shin Dong-bin poised to stand trial
- Move is latest setback for group facing back-to-back crises
Shin Dong-bin in Sept. 2016.
Photographer: Jean Chung/BloombergThis article is for subscribers only.
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.