South Korea: Head of retail powerhouse Lotte indicted in South Korea corruption scandal

Author(s): UNK | Date: April 17, 2017 | Language: English
Source: | URL: | Type: Text

The chairman of retail giant Lotte has been charged over the graft scandal that brought down the country’s leader. Ousted President Park Geun-hye has also been formally indicted.
Shin Dong-bin, the head of South Korea’s retail powerhouse Lotte, was charged with bribery on Monday after he allegedly offered 7 billion won (5.79 million euros, $6.15 million) to a sports foundation linked to a close aide of former President Park Geun-hye.
Sixty-two-year-old Shin was indicted in Seoul without being detained by prosecutors.
The retail giant denied allegations that it made improper deals with Park, or those linked to her, for favors.
Lotte, which owns hotels, stores and food products, becomes the second conglomerate mired in the political scandal after Jay Y. Lee, the chief of Samsung Group, was arrested in February.
Former President Park was also charged on Monday with taking bribes worth about 29.8 billion won from Samsung in exchange for supporting Lee’s succession, according to a statement from prosecutors.