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S. Korean Lotte Group's chairman resigns as head of Japan-based holding firm

Xinhua,February 21, 2018 Adjust font size:

SEOUL, Feb. 21 (Xinhua) -- Shin Dong-bin, chairman of Lotte Group, South Korea's fifth-largest conglomerate, quitted as the head of Lotte Holdings, the Japan-based holding firm owning the South Korean group, Lotte said Wednesday.

Lotte Holdings held a board of directors meeting in Tokyo earlier in the day, accepting Shin's call to resign as head of the Japan-based holding company, Lotte said in a statement.

The Lotte Holdings board, however, decided to maintain Shin's position as a board director. The holding company owns a 99-percent share in Hotel Lotte, which serves as the de-facto holding company of Lotte Group.

The resignation came as Shin was put under court custody last week. A South Korean court sentenced Shin to two and a half years in prison for bribery.

Shin was suspected of providing tens of millions of U.S. dollars to Choi Soon-sil, a decades-long friend of impeached South Korean President Park Geun-hye who was at the center of the influence-peddling scandal resulting in Park's impeachment. Enditem

 

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