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Lotte Group raided over alleged embezzlement, malpractice

All News 10:48 June 10, 2016

SEOUL, June 10 (Yonhap) -- Prosecutors raided the headquarters of South Korea's retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice.

The Seoul Central District Prosecutors' Office said it sent some 200 investigators to 17 places, including the group's headquarters in central Seoul, its major affiliates and the homes of some executives.

Hotel Lotte Co., TV channel Lotte Homeshopping and its key retail unit Lotte Shopping Co. were all raided.

Prosecutors said they confiscated computer hard drives, accounting books and other documents in their asset transactions.

Travel bans have been put out for some of the company's senior officials, according to prosecutors.

Prosecutors suspect the group created slush funds while making transactions between its affiliates.


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