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. 17 (Korea Bizwire) — The chief of South Korean retail giant Lotte Group pledged Thursday to untangle a cobweb of cross-shareholding among its affiliates and speed up the listing process of its hotel unit. Testifying before a parliamentary committee, Shin Dong-bin also ruled out the possibility that Lotte, the fifth-largest family-run conglomerate in [...]
SEOUL, Aug. 28 (Korea Bizwire) — South Korean retail giant Lotte Group is set to list its hotel and duty free operator Hotel Lotte, a hidden jewel owned by Japanese shareholders, taking the first critical step to untangling its murky governance structure following a bitter family feud over control of the conglomerate. Local brokerage houses [...]
“This crisis happened as we failed to put in many efforts to improve our governance structure and bolster corporate transparency during the group’s growth. We will resolutely reform the agendas that have raised concerns among the people of Korea, the government, our shareholders, employees and contractors.” “I will push for the listing of Hotel Lotte, [...]
SEOUL, Aug. 3 (Korea Bizwire) — Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan. “It [...]
TOKYO/SEOUL, Jul. 28 (Korea Bizwire) — The board of directors of Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, voted Tuesday to sack the group’s founder as chief executive and general chairman, group officials in Seoul said, giving his second son control over the retail giant. At an emergency meeting, the [...]
SEOUL, Apr. 28 (Korea Bizwire) — A young Seven Eleven employee in her twenties has been awarded 20 million won for coming up with a brilliant idea for a product. Jang Chae-Yoon, merchandise director of Seven Eleven’s beverages department, was awarded a Value Champion Award by Lotte Group president Shin Dong-Bin on April 27 at [...]
SEOUL, Jan. 16 (Korea Bizwire) — When it comes to buying stocks in South Korea’s family-run conglomerates, reading numbers on balance sheets may not be enough to predict their performance. What the owner family does often matters more. As several of such business groups, called chaebols locally, are preparing for managerial transfers to the third [...]