[THE INVESTOR] A large-scale shopping-hallyu festival will be held in September to boost domestic consumption, the government said on June 21. The Ministry of Culture, Sports and Tourism and the Ministry of Trade, Industry and Energy said that a government-private sector committee on the event has been formed and its first meeting was held on June 21. Korean Black Friday.The event, titled Korea Sale FESTA, will be held from Sept. 29 through Oct. 31. According to the ministries’ description, the

[THE INVESTOR] Shinsegae Group vice chairman Chung Yong-jin on June 21 hinted that the retail giant is keen to operate another duty-free store in Seoul. Shinsegae earned the operational rights of a new downtown duty-free store last year and its first outlet recently opened within its flagship Shinsegae Department Store in central Seoul. Shinsegae Group vice chairman Chung Yong-jin speaks at a job fair in Seoul on June 21. Lee Sang-sub/The Investor“Nothing has been decided. But it is true we have

[THE INVESTOR] China’s new tougher baby formula regulations could spell trouble for Korean producers, Seoul’s trade agency warned on June 21. According to Korea Trade-Investment Promotion Agency’s branch in Beijing, Chinese authorities will limit the number of brands and products a company can market in China from October. Under the measures announced by China Food and Drug Administration on June 8, a single company is limited to three brands, and nine products. China has been beefing up regulat

Self-appointed successor still in power struggle, faces widening probe into Lotte’s dark past

 

  

[THE INVESTOR] Lotte Group affiliates have frequently purchased stocks of unlisted companies owned by the group’s owner family, including the founder Shin Kyuk-ho and his three children, since 2001, data by an online corporate tracker showed on June 19. According to Chaebul.com, Lotte’s seven affiliates, including Hotel Lotte -- the de facto holding company of its Korea operations -- have spent a total of 224.6 billion won ($192.7 million) to purchase shares of private companies owned by the fou

[THE INVESTOR] South Korean prosecutors will be wrapping up the five-month investigation into toxic humidifier disinfectants that left at least 140 dead and hundreds more affected since 2011, according to officials on Sunday.The special probe team of Seoul Central District Prosecutors Office is expected to press charges against some 20 people related to the incident, including 12 already arrested on charges varying from professional negligence to false advertising that products were safe. The su

[THE INVESTOR] Amid the widening investigation into Lotte Group, a fresh round of fraternal conflict between Lotte chairman Shin Dong-bin and his brother Shin Dong-joo is expected to take place on June 25 at a shareholders’ meeting of the Tokyo-based Lotte Holdings that controls Hotel Lotte, the de facto holding company of its Korea operations. Shin Dong-joo is expected to propose a motion to oust his brother and incumbent chairman Dong-bin who controls Lotte’s Korea and Japan operations. Shin D

[THE INVESTOR] Wine has found a new place in the lifestyles of Korean consumers who increasingly see it as a casual drink for everyday enjoyment due to falling prices and growing accessibility.According to the Korea International Trade Association, wine imports last year reached $189.8 million, surpassing the value of imported whisky for the first time. New trends indicate that much of the growth was fueled by Korean consumers’ increasing preference for affordable wines to enjoy at home. The vol

[THE INVESTOR] Prosecutors are focusing on five main allegations against Lotte Group in their probe on the nation’s fifth largest conglomerate. 1. Shin Kyuk-ho and Shin Dong-bin’s 30 billion won (US$25.6 million)Prosecutors on June 16 secured testimony that Lotte group founder Shin Kyuk-ho and his son -- current group chairman Shin Dong-bin -- had collected 10 billion won and 20 billion won, respectively, from the affiliates under the conglomerate. The two Shins asserted that the amount was for

[THE INVESTOR] Lotte Group founder Shin Kyuk-ho was transferred to another hospitals on June 18 amid prosecutors’ escalating probe into the retail and food giant. According to news reports, the 93-year-old was admitted to Asan Medical Center earlier in the day from Seoul National University Hospital where he had been hospitalized since Jun 9 due to high fever. Lotte Group founder Shin Kyuk-hoAn official close to his eldest son Shin Dong-joo was quoted as saying that there was medical opinion tha

[THE INVESTOR] Lotte Group is suspected of giving business favors to a company controlled by its founder’s third wife Seo Mi-kyung, industry watchers said on June 17.Seo is among those being investigated for their involvement in the retail giant’s slush fund allegations. The 57-year-old Seo is the 1977 winner of the group’s Miss Lotte beauty pageant and has a 33-year-old daughter with Lotte founder Shin Kyuk-ho, now 93. Seo came into the limelight recently as prosecutors have widened their probe