Prosecutors Indict Five Lotte Family Members For Corruption

Write : 2016-10-19 18:40:13 Update : 2016-10-20 08:55:14

Prosecutors Indict Five Lotte Family Members For Corruption

Prosecutors have wrapped up their probe into alleged corruption and irregularities at Lotte Group after indicting founder Shin Kyuk-ho and four other family members without detention.

The prosecution announced the results of its four-month long investigation on Wednesday, with charges against Shin’s two sons, Dong-bin, who heads Lotte Group and Dong-joo, the former vice president of Tokyo-based Lotte Holdings.

His daughter Young-ja and his common-law wife Seo Mi-kyung will also stand trial.

The prosecution said that the combined amount of cash involved in the cases is estimated at 375-point-five billion won, of which the family probably embezzled about 146-point-two billion won.

Lotte Chairman Shin Dong-bin is accused of embezzling 50 billion won and causing 175 billion won in losses to the group.

The founder is also accused of embezzlement and tax evasion, while Shin Dong-joo faces charges of receiving 39-point-one billion won from Lotte's affiliates for no reason from 2005 to 2015.

The prosecution proved some allegations of tax evasion, but the results of the probe are widely considered disappointing as it failed to shed light on suspected slush funds tied to the group and irregularities regarding the group’s plan to construct the Lotte World Tower in southern Seoul.

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