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Lotte chief gets suspended jail sentence

Lotte Group founder Shin Kyuk-ho, 95, was sentenced to four years in prison in a verdict announced Friday in a Seoul Central District Court

Sohee Kim | Bloomberg 

Lotte chief gets suspended jail sentence

A South Korean court handed Chairman (pictured) a suspended prison term after a year-long trial in which prosecutors charged top executives at the South Korean conglomerate with embezzlement and breach of fiduciary duty. founder Shin Kyuk-ho, 95, was sentenced to four years in prison in a verdict announced Friday in a Shin Dong-joo, elder son of the founder, was acquitted. The convictions and sentencing of executives at South Korea’s fifth-largest conglomerate are among a series of penalties the government has delivered following sweeping probes of the country’s largest family-controlled groups, known as chaebol. Shin Kyuk-ho’s four-year term is shorter than that of Samsung Group’s de-facto chief Jay Y.

Lee, who was sentenced to five-year prison term in August in a bribery case he is appealing. The punishments also underscore the resolve of President Moon Jae-in, who took power after a corruption scandal felled his predecessor, to show less leniency toward crimes committed by owners of family-run conglomerates.

First Published: Sat, December 23 2017. 02:19 IST
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