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  HOME | Business & Economy (Click here for more)

Founder of South Koreaís Lotte Group Sentenced to Jail

SEOUL Ė A South Korean court on Friday handed a four-year prison sentence to the founder of the Lotte Group, and a suspended sentence to his son, the companyís chairman, for embezzlement and other offenses.

Chairman Shin Dong-bin, the second son of founder Shin Kyuk-ho, was given 20 months in prison, suspended for two years.

According to South Korean news agency Yonhap, Shin Dong-joo, the chairmanís elder brother and former vice president of Lotte Holdings, was not found guilty of the charges, which included embezzlement and tax evasion.

Shin Young-ja, the chairmanís elder sister and head of the Lotte Foundation, was sentenced to two years in prison.

The Shin family, who control South Koreanís fifth-largest business conglomerate, were accused in October 2016 of paying some 50 billion won ($46 million) in wages to members of the family even though they did not work for its affiliates.

The prosecution had asked for 10 years in prison for the founder as well as the chairman.

Shin Dong-bin, who will not have to be serve his sentence because of the suspension, blamed his 95-year-old father, saying that the founder took important decisions on these matters.

The nonagenarian, who will avoid prison while his sentence is being appealed due to his health, was also fined 3.5 billion won.

Lotte Group is active in a wide range of business areas in South Korea and Japan.

It has been involved in a series of scandals since last year, including the alleged suicide of a Lotte Group vice chairman and a bitter dispute between current president Shin Dong-bin and his brother for control of the group.

The family conflict was solved in March last year after Shin Dong-bin, the founderís second son, secured the support of shareholders.

 

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