SOUTH KOREA. Lotte Group Vice Chairman Lee In-won was found dead today after what local media have said is a suspected suicide, shortly before he was due to be questioned by prosecutors investigating corruption charges against the company. Lee was also Vice Chairman of Lotte Shopping Co.
The investigation into the sprawling Lotte Group’s affairs began with allegations that Shin Young-ja, a Hotel Lotte board member and part of the founding family, received KW1.5 billion (US$1.3 million) from Nature Republic CEO Jeong Un-ho to list the latter’s brands in Lotte Duty Free shops.
The resultant public furore and criminal investigation has taken a severe toll on the group, including the deferment (and possible scrapping) of a planned IPO for Lotte Duty Free parent Hotel Lotte – at a projected US$4.5 billion, the world’s biggest IPO. Now it seems there has also been a tragic human cost.
Lee was a much-trusted veteran of the family-held Korean chaebol (conglomerate), having worked for the company since 1973 in various roles. After a 12-year break in 1983, he returned as Senior Managing Director of Lotte Shopping Co before moving into various Vice Chairman roles from 1997 until his death today.
He was considered to be the top lieutenant of Lotte Group Chairman Shin Dong-bin.
[Also see The Moodie Blog].
