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Lotte chairman sells shares for $196M

Shin Dong-bin, chairman of South Korean conglomerate Lotte Group and its retail arm Lotte Shopping Co. Ltd., sold over 1 million of his shares in Lotte Shopping for about $196 million, Yonhap News Agency reported Nov. 21, citing a regulatory filing.

Shin's stake in the company is now down to 9.89% from 13.46%, the report said.

According to Yonhap, Lotte Shopping said Shin sold his shares to raise funds to deal with lawsuits and reduce the group's cross-shareholding among affiliates in line with the launch of its new holding company Lotte Corp.

Shin has been charged with bribery after being embroiled in a political scandal that led to South Korean President Park Geun-hye's impeachment.