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Corruption: South Korean Prosecutors Demand 10-Year Prison Term For Lotte Chairman



South Korean Prosecutors on Monday demanded a 10-year prison term for Chairman of Lotte Group, Shin Dong-bin, over management corruption.

The Seoul prosecution demanded 10 years in prison for chairman of the country’s fifth-largest family-run conglomerate, for embezzlement and breach of trust, according to local media reports.

It also asked the Seoul Central District Court to impose a fine of 100 billion won (90 million U.S. dollars) on Shin.

Shin, 63, was accused of offering tens of millions of dollars in illegitimate pay to the found family members of Lotte Group, while giving illegitimate business favours for the founding family-run companies.

He was also charged with helping a financial-distressed affiliate increase capital by issuing new stocks, which were bought by other financially-healthy affiliates of the Lotte Group. (NAN)