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South Korean prosecutors seek 4 years in jail for Lotte chief

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South Korean prosecutors seek 4 years in jail for Lotte chief

Prosecutors in South Korea are seeking a four-year jail sentence for Lotte Group Chairman Shin Dong-bin on bribery charges in connection with the scandal that led to the impeachment and trial of former President Park Geun-hye, the Financial Times reported Dec. 14.

The executive is accused of paying a bribe of 7 billion South Korean won to Park and her confidante Choi Soon-sil in exchange for having Lotte's duty-free license restored.

Prosecutors are also seeking a fine of 7 billion won against Shin, who leads the Lotte Group conglomerate that includes South Korean department store operator Lotte Shopping Co. Ltd.

The presidential scandal previously resulted in the conviction of Samsung Group's de facto leader, Lee Jae-yong, who was sentenced in August to five years in prison for bribing Park through Choi in return for business favors.

Shin and Lee have both denied any wrongdoing, according to the report.

As of Dec. 14, US$1 was equivalent to 1,089.99 South Korean won.