Lotte Corp shares down more than 7 percent after group chief arrested
Reuters
Published Feb 13, 2018 07:40PM ET
Lotte Corp shares down more than 7 percent after group chief arrested
SEOUL (Reuters) - Shares in Lotte Corp (KS:004990), the holding company of Lotte Group, declined more than 7 percent to a near eight-week low early on Wednesday, after the group's chairman was jailed for bribery.
The Seoul Central Court on Tuesday sentenced Lotte Group Chairman Shin Dong-bin to two years and six months in prison in a case tied to an influence-peddling scandal that rocked the country's business and political elite.
Shares in flagship retailer Lotte Shopping (KS:023530) also dropped 5.5 percent to its lowest intraday level since early January. Affiliates Lotte Food (KS:002270), Lotte Chilsung (KS:005300) and Lotte Confectionery <280360.KS> all fell more than 2 percent.
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Written By: Reuters
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