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Surprise arrest of Lotte Chairman creates leadership vacuum, shares down

Shin Dong-bin's detention is expected to hamper both Lotte's investment plans and efforts to streamline, that were aimed at offsetting losses in China

Reuters  |  SEOUL 

The shock arrest of the head of South Korea's Lotte for bribery sent shares in group firms plunging on Wednesday as investors fretted about a leadership vacuum at a challenging time for the country's fifth-largest conglomerate. The Seoul Central Court on Tuesday 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 has rocked the country's business and political elite. Shin had widely been expected to get a suspended sentence at most. His detention is expected to hamper both ...

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First Published: Wed, February 14 2018. 12:24 IST