[THE INVESTOR] The probe into Lotte Group is set to engulf the civil and military services as the investigators close in on a retired Air Force general on suspicion of bribery. According to reports, the investigators have uncovered a money trail leading from Lotte Group to a retired Air Force lieutenant general who served as the deputy chief of staff.The Lotte World Tower in southern Seoul. The InvestorLotte Group is suspected of having handed 1.2 billion won ($1 million) to a construction firm

[THE INVESTOR] Prosecutors are investigating allegations that Lotte Group chairman Shin Kyuk-ho, 94, used real estate transactions to accumulate slush funds. The authorities say that Shin purchased cheap real estate and sold them off to other affiliates at a much higher price. They are searching for evidence linking the proceeds from such sales to corporate slush funds. According to the industry, Shin resold land that he had granted to a Lotte scholarship foundation for 103 billion won ($87 mill

[THE INVESTOR] South Korea’s fifth-largest conglomerate Lotte Group is being probed by the Seoul Central Prosecutor’s office on allegations of embezzlement and new discoveries are being dug up. Prosecutors currently speculate that there could have been 300 billion won ($260 million) worth of embezzled money derived from the acquisition of China-based home shopping network Lucky Pai in 2010, reported a media outlet. Lotte acquired the then heavily indebted network with funds from its retail arms

[THE INVESTOR] The corruption probe into Lotte Group continues to expand with the prosecution raiding Lotte Chemical Corp. and Lotte Engineering and Construction on June 14. In the early hours of Tuesday, the Seoul Central District Prosecutors’ Office raided the two companies in southern Seoul. The prosecution, which conducted a mass raid on 17 Lotte-related locations on June 10, is reported to have reasons to believe that the two companies were instrumental in the founding family’s illegal acti

[THE INVESTOR] Shin Dong-joo, the elder son of Lotte Group founder Shin Kyuk-ho, is readying for a new round in the fight for control of the conglomerate. According to local news reports, Shin Dong-joo’s legal team has found “elements that could be problematic” in Hotel Lotte’s books, and plans to disclose the information “at the appropriate time.”Shin Dong-joo at a press conference in Seoul last year. The InvestorShin Dong-joo had hoped to succeed his father as the group’s chairman, but was ous

[THE INVESTOR] Lotte Group is facing the biggest crisis in its history with a corruption probe bringing its major projects to a halt. Following a raid on June 10, the group’s plans to acquire a U.S.-based chemicals maker have been scrapped, while listing of Hotel Lotte on the local market has reportedly been put on hold indefinitely. In the afternoon of June 10, Lotte Chemicals Corp. scrapped its Axiall acquisition plans made public only three days prior. The plans were made formal on June 7, an

Hotel Lotte withdraws IPO as embezzlement probe deepens

Lotte Group’s shareholding structure -- dominated by Japanese entities -- and its wrongdoings during the previous administration are behind the prosecution’s raid on the conglomerate, local news outlets have alleged since the June 10 raid.The Seoul Central District Prosecutors’ Office carried out simultaneous raids on 17 locations linked to the group including Lotte Group headquarters, and the homes of a number of key executives.The office of Lotte Group founder Shin Kyuk-ho and chairman Shin Do

[THE INVESTOR] The prosecution raided the head office of Lotte Group, the nation’s fifth-largest conglomerate, and its seven affiliates in Seoul on Friday over allegations that they created a multibillion won slush fund through shady asset transfers between subsidiaries as well as possible capital inflow to Japan.(Yonhap)More than 200 investigators combed 17 Lotte offices including residences of Lotte chairman Shin Dong-bin and other top executives and the secluded office of Lotte founder Shin K

Highlighting lavish display, powerful images of Korea’s top celebrities, new duty-free operators in fierce race to attract Chinese, break Lotte’s dominance

[THE INVESTOR] Discount retailer E-mart is entering the soju market with the acquisition of Jeju Soju, the company said Thursday.The two companies signed a provisional contract, with final terms and conditions to be negotiated before the final agreement.Jeju Soju’s two lines of soju (Jeju Soju website)Reports estimate the deal to be worth around 30 billion won ($26 million), but Shinsegae Group, the parent company of E-mart, said that the deal price could not be confirmed until final negotiation

South Korea’s net cosmetics production reached a record 10.73 trillion won ($9.3 billion) last year, led by strong exports to China, the Ministry of Food and Drug Safety said Wednesday.Korea’s cosmetics production rose on-year by 19.64 percent in 2015, lending a hand in doubling the country’s cosmetics trade surplus on-year to roughly $1.5 billion last year, the ministry said.Cosmetics shops inside the main Shinsegae Department Store in central Seoul (Yonhap)Korea’s cosmetics exports rose 43.76

Hotel Lotte on Tuesday postponed a plan to list itself on the nation’s main bourse this month in the face of growing concerns over an ongoing probe into a lobbying scandal involving the firm’s former executives.Hotel Lotte, the operator of the nation’s largest duty-free business, said in its report to the Financial Services Commission that it would delay its IPO to next month. It also said it would lower the price range to between 85,000 won and 110,000 won per share, from 97,000 won to 120,000

Hotel Lotte’s IPO fettered by criminal probe into Shin’s sister

A growing number of consumers who purchased lip products by Aritaum, cosmetic giant AmorePacific’s budget brand, are claiming to have adverse skin reactions after applying the product, according to local reports Thursday.Online posts showing swollen lips and pustular eruptions have been uploaded by users who have complained the symptoms began only after applying Aritaum Volume-Up Oil Tint.Aritaum’s Volume Up Oil Tint (AmorePacific Mall)Reports by Environment TV quoting a dermatologist said the s