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THE INVESTOR] Masamoto Kobayashi, chief executive of Lotte Capital, has resigned, according to Lotte Group on July 29.
Kobayashi is known as the central link between the flow of funds between Lotte’s Korean and Japanese operations.
“We understand he stepped down to focus on Japan’s Lotte Holdings business,” said one Lotte official, declining to be identified. Kobayashi has concurrently held the post of chief finance officer of Lotte Holdings. He was CEO of Lotte Capital since 2007 and was the only Japanese to head one of Lotte’s domestic affiliates.
The move comes as the prosecution continues its investigation into embezzlement and bribery allegations raised against the country’s fifth-largest conglomerate. The authorities recently indicted Lotte founder Shin Kyuk-ho’s daughter Shin Young-ja. She is the sister of Lotte Group Chairman Shin Dong-bin.
Kobayashi left for Japan in June when the probe began.
By Kim Ji-hyun (
jemmie@heraldcorp.com)