Cor­rup­tion trial brings Lotte pa­tri­arch, chil­dren back to­gether

New Straits Times - - Business -

SEOUL: One of cor­po­rate South Korea’s most pow­er­ful fam­i­lies is set to be seen to­gether for the first time in years to­day. The oc­ca­sion: a trial of crim­i­nal charges against Lotte Group founder Shin Kyuk-ho and his three chil­dren.

The Seoul Cen­tral Dis­trict Court is sched­uled to be­gin the pro­ceed­ing at 2pm after in­dict­ing the four in Oc­to­ber on charges rang­ing from em­bez­zle­ment to fidu­ciary breaches amount­ing to about 280 bil­lion won (RM1.1 bil­lion).

A Shin fam­ily re­union is rare be­cause the 94-year-old fa­ther has ceded con­trol of the busi­ness em­pire he built, while his two sons have been vy­ing in a power strug­gle and daugh­ter Shin Young-ja was sen­tenced to three years in prison in Jan­uary for em­bez­zle­ment and breach of trust.

To­day’s trial will be the first time all four face the court to­gether to an­swer ques­tions about whether they were in­volved in white-col­lar crime at a con­glom­er­ate that had rev­enue of US$81 bil­lion

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