[THE INVESTOR] Lotte Group founder Shin Kyuk-ho was transferred to another hospitals on June 18 amid prosecutors’ escalating probe into the retail and food giant.

According to news reports, the 93-year-old was admitted to Asan Medical Center earlier in the day from Seoul National University Hospital where he had been hospitalized since Jun 9 due to high fever. 


An official close to his eldest son Shin Dong-joo was quoted as saying that there was medical opinion that the founder needs more recovery time due to his old age and family made the request to transfer him.

His transfer came as prosecutors are widening their probe into the nation’s fifth-largest conglomerate on suspicions of embezzlement and creating slush funds through dubious deals with affiliates and companies with links to the owner family.

(theinvestor@heraodcorp.com)