Friday, 22 December 2017

South Korea's 95-year-old Lotte Group founder jailed for embezzlement

A South Korean court has sentenced the 95-year-old founder of Lotte Group to four years in prison for embezzlement.

Shin Kyuk-ho was indicted last year, along with three members of his family, on charges including tax evasion and fraud.

His son and successor Shin Dong-bin was given a suspended 20-month prison sentence on Friday.

The probe into one of the country's biggest firms is part of wider efforts to stamp out corruption in South Korea.

Mr Shin was convicted of embezzling at least 128.6 billion won ($119m; £89m) from the firm to benefit his relatives, according to AFP.
The court allowed him to remain free on health grounds pending an appeal, as he suffers from dementia.

The founder's daughter Shin Young-ja was sentenced to two years in prison, while his eldest son Shin Dong-joo was found not guilty.

BBC      News.