SEOUL, Nov. 25 (Korea Bizwire) – The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets. A total of 100 department stores were operating as of the end of 2015, with the number to increase [...]
SEOUL, Nov. 15 (Korea Bizwire) – South Korea’s defense ministry is set to conclude a deal to acquire a site for an advanced U.S. missile defense system from Lotte Group, a military source said Tuesday. The Ministry of National Defense has tentatively agreed to secure the Lotte Skyhill Country Club in the southeastern rural county [...]
SEOUL, Oct. 6 (Korea Bizwire) – Lotte and Shinsegae, two of Korea’s retail giants, are pushing forward with efforts to provide more opportunities for women to move up in their corporate hierarchies, implementing women-friendly systems as part of their company policies. According to industry watchers, Shinsegae’s discount store franchise E-Mart instituted a shortened work-hour system [...]
SEOUL, Oct. 4 (Korea Bizwire) – Thirty years after its site was selected, Korea’s (and the OECD’s) tallest building yet, Lotte World Tower, has finally seen the completion of its exterior structure. With only the finishing touches remaining, construction is expected to wrap up on December 22. Located in Jamsil, a neighborhood in southeast Seoul’s [...]
SEOUL, Sept. 29 (Korea Bizwire) – The chief of the embattled South Korean retail giant Lotte avoided arrest Thursday as a Seoul court rejected a prosecutors’ request for a warrant to formally arrest him over embezzlement and breach of trust charges. The Seoul Central District Court turned down the request, saying it’s difficult to recognize [...]
SEOUL, Sept. 26 (Korea Bizwire) – A warrant is being sought to formally arrest the chief of the embattled South Korean retail giant Lotte, prosecutors said Monday, as the high-profile corruption probe into the country’s fifth-largest conglomerate nears its conclusion. The Seoul Central District Prosecutors’ Office submitted the request to a local court to detain [...]
SEOUL, Sept. 20 (Korea Bizwire) – Shin Dong-bin, the chief of the embattled South Korean retail giant Lotte, was summoned by state prosecutors Tuesday as the high-profile corruption probe into the country’s fifth-largest conglomerate neared its conclusion. The 61-year-old business tycoon appeared before the Seoul Central District Prosecutors’ Office as a suspect on a string [...]
SEOUL, Sept. 8 (Korea Bizwire) – Prosecutors said Thursday they will question Lotte Group founder Shin Kyuk-ho at his office later in the day over a string of corruption allegations raised against the conglomerate. The Seoul Central District Prosecutors’ Office said because of Shin’s health issues, its officials will carry out the questioning of the [...]
YANGPYEONG, South Korea, Aug. 26 (Korea Bizwire) – The vice chairman of South Korea’s fifth-largest conglomerate Lotte Group was found dead Friday, police said, in an apparent suicide that occurred while he was waiting a summons by prosecutors over corruption allegations. Police found the body of Lee In-won, the group’s No. 2 man and close [...]
SEOUL, Aug. 18 (Korea Bizwire) – Owners of several large companies in South Korea received handsome compensation in the first half of the year despite corporate troubles, data showed Thursday, sparking criticism over their high pay. According to the data compiled by market researcher Chaebul.com, 237 executives of local companies received 500 million won (US$452,000) [...]