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Arrest warrant sought for former Lotte Homeshopping chief

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Published : 2014-04-16 20:41
Updated : 2014-04-16 20:41

  Prosecutors sought an arrest warrant Wednesday for a former head of television-based retailer Lotte Homeshopping Co. on charges of receiving kickbacks from suppliers.

   After summoning Shin Heon for questioning earlier in the week, the Seoul Central District Prosecutors' Office asked a Seoul court to issue the warrant for further questioning.

   Shin, who headed the retailer from 2008 to 2012, now serves as chief executive of the country's largest department store chain, Lotte Shopping.

   The prosecution office has been investigating a kickback scheme allegedly involving several former and incumbent executives of Lotte Homeshopping, the retailer arm of the fifth-largest conglomerate Lotte Group.

   Five former and incumbent executives have been already arrested on charges of taking cash and bribes worth hundreds of millions of won from companies selling their products on the retailer's cable network.

   The prosecution office suspects that a portion of the kickbacks was delivered to Shin.

   Shin, however, denied the allegation, saying that he had never instructed executives to take the kickbacks in exchange for business favors.

   The industry has long been dogged by criticism for its kickback culture. Manufacturers and suppliers often vie to secure prime-time spots because sales can differ greatly depending on the time of the day merchandise is shown. (Yonhap)

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