Lotte Corp shares down more than 7pc after group chief arrested
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SEOUL, Feb 14 — Shares in Lotte Corp, the holding company of Lotte Group, declined more than 7 per cent to a near eight-week low early this morning, after the group’s chairman was jailed for bribery.
The Seoul Central Court yesterday sentenced Lotte Group chairman Shin Dong-bin to two years and six months in prison in a case tied to an influence-peddling scandal that rocked the country’s business and political elite.
Shares in flagship retailer Lotte Shopping also dropped 5.5 per cent to its lowest intraday level since early January.
Affiliates Lotte Food, Lotte Chilsung and Lotte Confectionery all fell more than 2 per cent. — Reuters