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Lotte boss questioned in S Korea corporate probe | Webmarked News

Lotte boss questioned in S Korea corporate probe

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South Korean prosecutors question Lotte Group Chairman Shin Dong-bin, the most senior executive to face interrogation as part of a sweeping criminal probe into the country’s fifth-largest conglomerate. David Pollard reports.

Lotte boss questioned in S Korea corporate probe

A moment of truth for Shin Dong-bin.

No doubt counting the cost of the last four months …

A failed 4.5 billion dollar IPO in June, the apparent suicide of his top lieutenant in August …

And now the Lotte Group chairman here at the Seoul prosecutor’s office – for questioning.

As part of a probe into suspected embezzlement at South Korea’s fifth-largest conglomerate.

First though – time for an apology.

(SOUNDBITE) (Korean) CHAIRMAN AND SECOND SON OF LOTTE GROUP, SHIN DONG-BIN, SAYING:

“I am sorry for causing concerns. I will sincerely cooperate with the prosecutors’ investigation.”

As chairman, Shin is in control of 92 billion dollars in assets – and a group already riven by a family succession feud even before the probe.

He is also the most senior Lotte executive to face interrogation.

His vice-chairman Lee In-won was found hanged under a tree just hours before he was due to be questioned late last month.

Earlier this month, prosecutors also questioned Shin Kyuk-ho – Lotte Group’s 93-year-old founder. – and his elder brother Shin Dong-joo.

Tags : probe, corporate, korea, Questioned, boss, Lotte

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