Lotte Group chairman, founder banned from leaving country

(From Korea Times)

By Lee Kyung-min

The prosecution has imposed travel bans on Lotte Group Chairman Shin Dong-bin and his father, group founder Shin Kyuk-ho, as its investigation widens into the fifth-largest conglomerate’s alleged corruption.

The travel bans and the following questioning of them are likely to accelerate the prosecution’s investigation into various allegations surrounding the group, including embezzlement, breach of trust, creation of slush funds and illicit inter-affiliate deals.

Lotte Group Chairman Shin Dong-bin speaks to the media upon his arrival at Gimpo Airport in Seoul, South Korea, July 3, 2016.  REUTERS/Kim Hong-Ji

Lotte Group Chairman Shin Dong-bin speaks to the media upon his arrival at Gimpo Airport in Seoul, South Korea, July 3, 2016. REUTERS/Kim Hong-Ji

Investigators at the Seoul Central District Prosecutors’ Office said Friday a number of key executives at the group and its affiliates have been banned from leaving the country, including the chairman and the founder.

Prosecutors earlier raided their homes and offices but exempted the two from the travel ban. Speculation is that the ban this time indicates prosecutors secured evidence to prove their allegations. Read more

 



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