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THE INVESTOR] Shin Young-ja, daughter of Lotte Group founder Shin Kyuk-ho and head of Lotte Foundation, is to be indicted on charges of bribery and embezzlement.
Shin Young-ja
According to reports, the Seoul Central District Prosecutors’ Office has concluded that allegations against Shin are concrete, and decided to indict the 74 year old and keep her in custody on July 25. She was taken into custody on July 7, and must be released on July 26 if she is not indicted.
Shin allegedly received 3 billion won (US$2.6 million) from companies operating within Lotte Group’s duty-free stores. She is also accused of embezzling 4 billion won from a company she operates.
Shin is said to have named her three daughters as executives of her company, enabling them to draw pay from the company until 2010.
By Choi He-suk (
cheesuk@heraldcorp.com)