Seoul court freezes assets of Lotte founder’s daughter

August 5, 2016

SEOUL, Aug. 5 (Yonhap) — A Seoul court on Friday ordered the assets frozen of the Lotte Foundation chief and daughter of Lotte Group’s founder, who has been indicted on a string of corruption charges, including embezzlement and bribery.

The Seoul Central District Court ordered that some 3.5 billion won (US$3.15 million) of Shin Young-ja’s assets be frozen to recover money she illegally obtained.

Shin was the first to be detained and indicted from the family that runs South Korea’s fifth-largest conglomerate since prosecutors launched a full-fledged investigation into the group in June.

Prosecutors said the 73-year-old is suspected of pocketing some 3.53 billion won in kickbacks from various companies, including local cosmetics brand Nature Republic, from February 2007 to May this year. In return, she handed out business favors related to Lotte’s duty-free shops and department stores.

Shin is also accused of siphoning off some 4.7 billion won of company assets from firms run by her son, which she practically managed, and gave the money to her three daughters.