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Lotte chairman offers to step down from holding company following arrest

Shin Dong-bin, chairman of Korean-Japanese conglomerate Lotte Group, has offered to step down as chairman of the group's Japan-based holding firm Lotte Holdings Co. Ltd. following his arrest last week, Reuters reported Feb. 21, citing South Korean broadcasting network YTN.

Shin will be serving 30 months in a South Korean jail on bribery charges in relation to the impeachment and trial of former South Korean President Park Geun-hye.

The report said Shin's resignation could reignite a family dispute in the conglomerate and impede its efforts to streamline. Lotte Holdings controls the group's South Korea-based holding company Lotte Corp.

The news comes after the group called for an emergency management committee to fill the leadership void left by Shin and to handle "key decision-making issues."

Reuters said Lotte Group declined to comment.