Lotte chairman expected to cooperate with prosecution investigation

Lotte chairman expected to cooperate with prosecution investigation. July. 02, 2016 07:18. by 김성모 기자mo@donga.com.

Lotte Chairman Shin Dong-bin expected to cooperate with prosecution investigation

Lotte Group Chairman Shin Dong-bin (photo) is returning to Korea on Sunday from his visit to Japan for the general meeting of stockholders of Japan's Lotte Holdings. A Lotte spokesperson noted, "Chairman Shin will arrive at the Gimpo Airport on Sunday afternoon."

Shin is expected to state his stance about the ongoing prosecution investigation at the airport. According to the Lotte Group, his statement will include an apology to the public for the troubles that have been created and a pledge to cooperate with the prosecutors. He will also talk about how much he is willing to improve the management structure such as listening the Lotte Hotel on the stock exchange.

The Lotte Group has been investigated by prosecutors on raising a slush fund for the head's family and related malpractices. Some speculate that Shin as well might be summoned by the prosecution. Shin went on a business trip on June 7, first visiting Mexico and the U.S. and then flying to Japan on June 16 to participate in the general meeting of stockholders on June 25. The meeting was about to decide who gets the next management right between Korea and Japan, and Shin made a third victory against Shin Dong-joo, a former vice chairman of Lotte Japan.