Lotte Group held an emergency meeting on Sunday to discuss countermeasures against what appears to be intensifying retaliation by China against its goods and affiliates after its land swap deal with the government for a planned THAAD deployment, its officials said.
The meeting, which was held later in the day, came as Lotte is feared to be taking the brunt of Beijing’s retaliation against the THAAD deployment for which it recently provided a land site in a contract signed late last month with the government.
In the wake of the deal, media reports have shown that Lotte’s local businesses in China are facing toughened regulations from local authorities.
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Lotte (Yonhap) |
On Saturday, reports showed that Lotte Mart had its operations suspended by local fire authorities in China’s northeastern city of Dandong in what could be the latest pressure on its retail business over the US missile defense system.
During the emergency meeting, Lotte executives are said to have discussed diverse countermeasures including seeking the government’s active cooperation to minimize damage confronting not just Lotte but many other South Korean companies in China, according to the officials.
In a related move, the group is said to be making an official request with the government to make it clear to the Chinese side that it didn’t provide the land for THAAD voluntarily but did so just at the behest of the state. It also plans to plead for government help to minimize any THAAD-related damage through talks with China.
Lotte has around 60,000 employees working overseas, of which some 20,000 were recruited in China, emphasizing that it has contributed much to the Chinese economy through job creation, the officials said. (Yonhap)
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