S Korean prosecutors demand 10-year prison term for Lotte Group founder

Updated 2017-11-02 10:33:56 Xinhua

South Korean prosecutors on Wednesday demanded a 10-year prison term for Shin Kyuk-ho, founder of Lotte Group, over corruption charges.

The Seoul prosecution asked the Seoul Central District Court to sentence the 95-year-old founder of the country's fifth-biggest family-controlled conglomerate to 10 years in jail over management irregularities, including embezzlement and breach of trust, according to local media reports.

The prosecution also requested a fine of 300 billion won (270 million U.S. dollars) on him.

Shin was accused of paying some 500 billion won in wages to his family members who had never worked for the company.

The founder was also charged with transferring his shares in Lotte Holdings in Japan to the founding family at face value to help them evade gift taxes. He was accused of giving his mistress to run concession stands at Lotte Cinema movie theaters, inflicting losses to the Lotte affiliate.

On Tuesday, the prosecutors demanded a 10-year jail term and a 100-billion-won fine for Shin Dong-bin, chairman of Lotte Group and the second son of the founder.

Shin Dong-joo, the founder's first son and the former vice chairman of Lotte Holdings, faced a prosecutors' request for five years behind bars and a fine of 12.5 billion won.

Seven years in jail were also requested for Shin Young-ja, the founder's daughter, and Seo Mi-kyung, the founder's mistress, over similar charges.

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