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Lotte Group founder's daughter indicted over string of corruption

All News 16:22 July 26, 2016

SEOUL, July 26 (Yonhap) -- The head of the Lotte Foundation and daughter of the Lotte Group's founder was indicted on a string of charges, including embezzlement and bribery, on Tuesday.

The indictment marks the first time that a member of the family that runs South Korea's fifth-largest conglomerate will stand trial.

The Seoul Central District Prosecutors' Office said Shin Young-ja, 73, is suspected of pocketing a total of some 3.53 billion won (US$3.1 million) of kickbacks from various companies, including local cosmetics brand Nature Republic, from February 2007 to May this year. In return she handed out business favors in regards to Lotte's duty-free shops and department stores.

Prosecutors said she is also accused of siphoning off some 4.7 billion won of company assets from a firm run by her own son, which she practically managed, and gave the money to her three daughters.

Earlier this month, Shin became the first of the owner's family to be put under detention as a Seoul court issued a warrant to formally arrest her amid a state prosecutors' full-fledged probe into the group's irregularities.

The 74-year-old is known to be denying all allegations raised against her.

scaaet@yna.co.kr
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