South Korean prosecutors arrested a sister of Lotte Group’s chairman on charges of bribery and embezzlement, as regulators stepped up investigations into corruption allegations against the conglomerate’s founding family members. Shin Young Ja, 73, was arrested and taken into custody around 3 a.m. Thursday, according to Yonhap News Agency. The corporate corruption allegations surfaced as Lotte reeled from a bitter family feud over control of the business empire. Last month, Shin Dong Joo, the former Lotte Holdings vice chairman, failed for the third time to oust his chairman brother at a Lotte Holdings shareholder meeting. Lotte also shelved plans to list its Malaysian petrochemicals business amid the widening investigations at the parent.

Source: Thanhnien News July 07, 2016 01:07 UTC