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Shin Dong-joo to be grilled in Lotte Group corruption probe

[THE INVESTOR] Shin Dong-joo, former vice chairman of Lotte Holdings in Japan, will be summoned for questioning on Sept. 1 as a suspect in the ongoing investigation into Lotte Group.

Dong-joo is the eldest son of Lotte Group founder Shin Kyuk-ho. He was pushed aside by his younger brother Shin Dong-bin in the struggle to take control of the group in place of their father. 


Shin Dong-joo(left), former vice chairman of Lotte Holdings in Japan
Shin Dong-joo(left), former vice chairman of Lotte Holdings in Japan


According to the Seoul Central District Prosecutors’ Office, Dong-joo will be questioned on embezzlement and other illegal activities the group and its leaders, including members of the founder’s family, allegedly committed.

The former Lotte Holdings vice chairman will also be questioned on irregular trading activities between Lotte Group companies, and the slush fund the company is alleged to have established.

Ahead of Dong-joo, the prosecutors are currently questioning Shin Young-ja, the eldest daughter of Kyuk-ho and head of Lotte Foundation. Young-ja, who is currently under arrest on charges of embezzlement, is being questioned on the alleged tax evasion that occurred in the process of her inheriting Lotte Holdings’ shares.

The prosecution is also reportedly finalizing the plans for questioning Kyuk-ho and Lotte Group Chairman Shin Dong-bin.

By Choi He-suk (cheesuk@heraldcorp.com)

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