Lotte Group Chairman Shin says to cooperate fully with South Korea probe

Lotte Group Chairman Shin Dong-bin arrives at Gimpo Airport in Seoul, South KoreaThomson Reuters

SEOUL (Reuters) – Lotte Group Chairman Shin Dong-bin said on Sunday he will cooperate fully with a probe by South Korean prosecutors into alleged wrongdoing by Lotte’s owner family members and executives.

“I will try to cooperate faithfully,” Shin told reporters at Gimpo airport in Seoul, when asked about the probe that involved the raids by prosecutors at Lotte Group’s headquarters and more than 10 affiliates’ offices starting June 10.

The first wave of raids on multiple Lotte Group firms including Hotel Lotte Co Ltd, caused the hotel unit to indefinitely postpone an IPO worth up to $4.5 billion in June.

(Reporting by Joyce Lee; Writing by Jack Kim; Editing by Stephen Coates)