NSTworld: Shin Kyuk-ho’s reputation was tarnished in his final years when the wheelchair-bound tycoon was convicted of professional malpractice and embezzling from the firm to benefit his relatives in late 2017.
Shin Kyuk-ho’s reputation was tarnished in his final years when the wheelchair-bound tycoon was convicted of professional malpractice and embezzling from the firm to benefit his relatives in late 2017.Born in the southern city of Ulsan, Shin stowed away on a ship to Japan at the age of 18 to seek his fortune and established Lotte to manufacture chewing gum in Tokyo soon after World War II.
His younger son Dong-bin eventually took over the reins as chairman but both he and Shin were accused of causing US$72 million in damages to the group by renting out Lotte Cinema concessions at discounted rates to the founder’s eldest daughter and mistress.
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