Lotte Group Chairman Shin returns to management after being freed as appeals court suspends sentence
Lotte Group Chairman Shin returns to management after being freed as appeals court suspends sentence
  • Lee Jun-sung
  • 승인 2018.10.08 12:31
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Lotte Group Chairman Shin Dong-bin, who was sentenced to prison in the first trial for bribery charges, will return to the management front as soon as he was released from prison with the suspended sentence in the second trial on Oct. 5. 

According to Lotte Group on Oct. 7, Chairman Shin visited Lotte World Tower in Songpa-gu, Seoul, where his office is located, on Oct. 5 after leaving the Seoul Detention Center.

Shin had been in a detention center since February over involvement in a corruption scandal that led to the ousting of former President Park Geun-hye last year. 

During his prison term, Chairman Shin reportedly met with emergency management committee members, including Vice Chairman Hwang Gak-kyu, who was in charge of Lotte's emergency management, and had a simple meal.

Chairman Shin reportedly thanked the executives and employees for their efforts in the group and said that let`s overcome the difficult management situation.

Shin is expected to visit his father and Lotte Group Honorary Chairman Shin Kyuk-ho, who lives in the Lotte World Tower, and greet him soon.

"Chairman Shin will be focusing on internal affairs such as receiving reports on his work for a while," a Lotte official predicted. The reports are expected to include issues for the group, including its various investments, which had been left behind due to the absence of the group head.

It is expected to examine decisions on the 4 trillion won investment in Indonesia and its acquisitions of distribution and confectioners in South East Asia.

In October 2016, Shin unveiled a set of reform measures, including a plan to invest 40 trillion won and hire 70,000 new employees in the next five years, following the prosecution's investigation into the conglomerate's corporate crime allegations. The plan, however, has been largely stalled following the group chief's imprisonment. 

"Such management issues that have been blocked by the absence of the chairman will gradually be normalized," a Lotte official said.


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