[THE INVESTOR] Prosecutors are focusing on five main allegations against Lotte Group in their probe on the nation’s fifth largest conglomerate. 1. Shin Kyuk-ho and Shin Dong-bin’s 30 billion won (US$25.6 million)Prosecutors on June 16 secured testimony that Lotte group founder Shin Kyuk-ho and his son -- current group chairman Shin Dong-bin -- had collected 10 billion won and 20 billion won, respectively, from the affiliates under the conglomerate. The two Shins asserted that the amount was for

[THE INVESTOR] Prosecutors suspect Lotte Group’s affiliate Lotte Chemical is behind stashing multibillion won slush funds abroad amid a widening probe into Korea’s fifth largest conglomerates over embezzlement. According to local reports on June 16, Lotte Chemical has reportedly amassed funds by overstating the import price of raw materials and later siphoned off to the group’s executives. Lotte Department Store in central Seoul. The InvestorIn this process, Lotte Chemical stuck a deal with Lott

[THE INVESTOR] The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year.By removing Lotte founder Shin Kyuk-ho and Shin Dong-joo from power, Shin Dong-bin e

[THE INVESTOR] South Korea’s fifth-largest conglomerate Lotte Group is being probed by the Seoul Central Prosecutor’s office on allegations of embezzlement and new discoveries are being dug up. Prosecutors currently speculate that there could have been 300 billion won ($260 million) worth of embezzled money derived from the acquisition of China-based home shopping network Lucky Pai in 2010, reported a media outlet. Lotte acquired the then heavily indebted network with funds from its retail arms

The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year. Shin Dong-joo (left) and Shin Dong-bin (Yonhap)By removing Lotte founder Shin Kyuk-ho and Shin Don

South Korea’s conglomerate Lotte Group plans to buy a controlling stake in Hyundai Logistics, as it seeks to strengthen its delivery service to compete with other rival retailers.By the end of next week, eight affiliate companies of Lotte are set to hold board of directors meetings to get approval to buy an 88.8 percent stake in Hyundai Logistics in separate deals with an estimated value about 410 billion won ($351 million), according to Lotte officials. They expect to complete transactions with

Lotte Department Store will host a giant flea market at Icheon, Gyeonggi Province’s Lotte Premium Outlet on Saturday and Sunday, coinciding with its “Black Shopping Day” sales.According to LDS, this will be the biggest flea market to be organized by a corporation to date in terms of area and the number of participants -- 300 sellers in a 5,000-square-meter space.(Lotte Department Store)Apart from popular local foods and individual collections and handcrafted art, belongings of hallyu stars such

Beer imports to Korea hit a record high in 2015, with a growing number of Korean consumers turning to low alcohol beverages and seeking diversity, data showed Wednesday.According to the Korea Agro-Fisheries and Food Trade Corporation, Korea imported 170,919 tons of beer worth $141.9 million last year, a 43 percent increase in volume and a 27 percent increase in value of beer imports from the previous year.The most popular imported beer was from Japan, which exported 46,244 tons to Korea in 2015,

Making it on this year’s exclusive 2016 Forbes billionaire list, 31 out of 1,810 billionaires are Korean. 　Of the 31 selected billionaires, 17 are the largest shareholders or owners of listed chaebol -- Korean family-controlled conglomerates -- who will in total receive at least 538.6 billion won ($452.7 million) in company cash dividends this year, averaging some 31.7 billion won per person. 　Although Korean companies are known to be stingy when it comes to distributing company earnings to shar

Korea is expected to witness a booming stock market this year with many companies preparing to list on the main bourse KOSPI and the secondary tech-heavy KOSDAQ.Generally, companies decide to go public on the strength of confidence gained from successful business performance, improvement in corporate governance, and positive financing, although listing does not necessarily guarantee future success. Last year, close to 40 percent of the newly listed companies ended with their share price much low

Shin Kyuk-ho, founder of Korean retail giant Lotte Group, testified at a Seoul court Wednesday to demonstrate his mental status, marking a new twist in the bitter feud over control of the group. Shin Kyuk-ho, founder of Korean retail giant Lotte Group, walks into a court room at Seoul Family Court on Wednesday. (Yonhap)The 93-year-old Lotte founder walked into a court room at the Seoul Family Court and told judges that his ability to make judgement is the same as in his 50s, his lawyer told repo

Lotte Group founder and general chairman Shin Kyuk-ho filed a lawsuit against the CEOs of seven Lotte subsidiaries on charges of obstructing business, according to a law firm representing Shin on Monday. The law firm DW Partners said it lodged a complaint against Lotte Shopping CEO Lee Won-joon and Lotte Corporation’s Noh Byung-yon for underreporting capital losses for their business in China, which disrupted the founder’s ability to make operational decisions. In the complaint filed with the Se

Lotte Group chairman Shin Dong-bin met with executives of several start-up companies to discuss measures to support them, the firm said Wednesday. It is a part of follow-up steps after Lotte announced its plan to set up an investment corporation, named “Lotte Accelerator,” designed to help young people start their own business in October. Shin offered 10 billion won ($8.7 million) from his personal fortune to set up the investment firm.  According to the company, some 300 people, including 30 st

　Faced with changing priorities, a growing number of people around the world are focusing on their health more than ever before as they seek to take on more nutritious diets and healthier lifestyles.　In South Korea, where such considerations reign high, the face of the yogurt industry is quickly changing to meet the demands of health-conscious consumers, following similar trends elsewhere in the world, including the United States and Europe.If yogurt varieties were limited to simply “plain,” a f

Lotte Group on Wednesday unveiled some glam factors to its proposed urban duty-free shop sites at the Lotte World Mall and the 123-story Lotte World Tower in Jamsil, southeastern Seoul. “I can confirm that the name of the upscale hotel situated from 76-101th floor of Lotte World Tower is Signiel, to go along with Lotte’s premium department store brand Avenuel. The name of the top-notch condominiums for the superrich to be located on the 44th-71st floors will be the Signiel residence,” said Noh B