February 14, 2018
SEOUL (Reuters) – Shares in Lotte Corp <004990.KS>, the holding company of Lotte Group, declined more than 7 percent to a near eight-week low early on Wednesday, after the group’s chairman was jailed for bribery.
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 rocked the country’s business and political elite.
Shares in flagship retailer Lotte Shopping <023530.KS> also dropped 5.5 percent to its lowest intraday level since early January. Affiliates Lotte Food <002270.KS>, Lotte Chilsung <005300.KS> and Lotte Confectionery <280360.KS> all fell more than 2 percent.
(Reporting by Joyce Lee and Dahee Kim; Editing by Stephen Coates)
