Prosecution Seeks 10-Year Prison Term for Lotte Group Chairman

Write : 2017-10-30 19:38:17 Update : 2017-10-30 19:50:42

Prosecution Seeks 10-Year Prison Term for Lotte Group Chairman

The prosecution has demanded a ten-year prison term for Lotte Group Chairman Shin Dong-bin over alleged embezzlement and management irregularities.

The prosecution told a Seoul court on Monday that the founding family of the country’s fifth largest conglomerate illegally transferred enormous amount of money to its members, and privatized the group’s wealth for their own profit.

Shin, the second son of Lotte founder Shin Kyuk-ho, is accused of embezzling some 50 billion won and causing around 130 billion won in losses to the group.

The prosecution also demanded a five-year term for his older brother Dong-joo, the former vice chairman of Tokyo-based Lotte Holdings. 

A seven-year prison term was sought for both Shin Young-ja, a daughter of the founder, and the founder’s common-law wife Seo Mi-kyung.

The prosecution postponed demanding a sentence against the Lotte founder, who was too ill to attend the court hearing. 

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