A PYMNTS Company

South Korea: Lotte founder Shin may face probe over false reporting

By  |  February 2, 2016

Lotte Group founder Shin Kyuk-ho may face a prosecution probe over suspicions of false information reporting over his ownership of the retail giant, the Fair Trade Commission indicated Monday.

“We found differences between data in regulatory filings submitted by Lotte last year, regarding general chairman Shin’s shareholdings in Lotte affiliates, and our investigation results,” an FTC official said.

The antitrust watchdog said it would consider bringing Shin to the prosecution if the suspicion turns out to be true.

The FTC took the tough stance against the owner of the nation’s fifth-largest conglomerate after it disclosed Lotte’s complicated and lesser-known ownership structure.

Full content: Nikkei

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.