[THE INVESTOR] Lotte Group expressed shock and sorrow over the death of the group’s Vice Chairman Lee In-won, who apparently took his own life early in the morning on Aug. 26. “We have confirmed the sad news of the late Vice Chairman Lee In-won through police and other channels,” the company said in an official statement. “It is hard to believe Lee, who dedicated his life to lay the foundation of Lotte, has passed away. We will announce the details of funeral arrangements once they are made.” Lo

Aug. 26, 2016

[THE INVESTOR] South Korean prosecutors said they are considering rescheduling the investigation into Lotte Group in the wake of the death of Lotte Group Vice Chairman Lee In-won, who apparently took his own life on Aug. 26, just hours before his appearance for questioning regarding the ongoing corruption probe. “We are very regretful. We offer condolences to the deceased and may (he) rest in peace,” a special investigative team for Lotte Group at the Seoul Central District Prosecutor’s Office s

Aug. 26, 2016

[THE INVESTOR] Police found a four-page letter from Lotte Group Vice Chairman Lee In-won, who took his life early in the morning of Aug. 26, where he expressed concern for family members and Lotte employees, according to local news reports. “Chairman Shin Dong-bin is a great man, and I am sorry to leave early in this difficult situation,” he wrote in the letter directed to Lotte employees. He also claimed that there was no slush fund created at Lotte Group.  Related article :Lotte Group vice cha

Aug. 26, 2016

[THE INVESTOR] Lotte Group Vice Chairman Lee In-won was found dead in an apparent suicide at a walking trail in Yangpyeong-gun, Gyeonggi Province, police said Aug. 26. The 69-year-old was already dead when he was found by a passerby hanging around 7:10 a.m. Officials believe the body is Lee based on his belongings, including an ID card in his pocket, found at the scene, but they are checking his fingerprints to confirm the identity. Lotte Group Vice Chairman Lee In-won(second from left)Police fo

Aug. 26, 2016

[THE INVESTOR] South Korea’s largest automaker Hyundai Motor and its smaller affiliate Kia Motors reported a 31.9 percent increase in total sales in China in July, the automakers said Aug. 25. Hyundai sold 70,016 units in July, up 29.3 percent from a year earlier, while Kia sold 41,005 units, up 36.6 percent. In total, the carmakers sold 111,021 units, compared to 84,168 units last July. According to the company, the sales hike came on the back of increased SUV sales, such as of Kia’s Sportage a

Aug. 25, 2016

[THE INVESTOR] General Motors CEO Mary Barra, who was slated to visit South Korea next week, has canceled her trip, local news reported Aug. 24. Barra, the first female CEO of the US auto giant, was invited to speak at an event hosted by AmCham Korea at Conrad Hotel in Seoul on Aug. 30. GM Korea, however, announced Barra’s trip has been canceled due to an unavoidable schedule conflict.  General Motors CEO Mary Barra“The exact reason is unknown. We plan on rearranging the schedule for her visit,”

Aug. 25, 2016

[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, on Aug. 24 released the first rendering of its revamped Rio subcompact vehicle. The fourth-generation Rio comes five years after the current model was released in 2011.  Rendering image of Kia’s new RioIn the released interior and exterior photos, the car’s body seems larger and the new design has less curves than the predecessor, striving for a refined effect. The new Rio, sold as Pride in South Korea, will be unveiled for the f

Aug. 24, 2016

[THE INVESTOR] Kia Motors' car sales have surged in Mexico in recent months, beating out bigger affiliate Hyundai Motor in terms of total unit sales. According to data released by the Mexican Auto Industry Association on Aug. 24, Kia sold 5,510 cars in July to rank No. 8 among automakers in the market, while Hyundai ranked No. 10, selling 3,054 vehicles during the same period. Kia sold a total of 29,006 cars in the January-July period, which compares to Hyundai’s 19,822 unit sales.  Kia Motors’

Aug. 24, 2016

[THE INVESTOR] South Korean prosecutors on Aug. 24 said it secured evidence that Lotte Engineering and Construction has accumulated over 30 billion won (US$26.8 million) in slush funds over 10 years. Seoul Central District Prosecutor’s Office -- which launched an all-out probe into the nation’s fifth-largest conglomerate in June -- raided the Lotte E&C office early this month and confiscated computer hard disks and documents related to the allegations. Lotte E&C's latest landmark project Lotte W

Aug. 24, 2016

[THE INVESTOR] South Korea’s antitrust watchdog plans to press charges against Lotte Group founder Shin Kyuk-ho for reporting incomplete or false information over his ownership of the conglomerate’s overseas subsidiaries, local news reported Aug. 24. According to local daily Dong-A Ilbo, the Fair Trade Commission is slated to hold a meeting to determine whether to indict Shin for the misleading reports. Under the country’s fair trade law, large companies with over 5 trillion won (US$4.46 billion

Aug. 24, 2016

[THE INVESTOR] Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy, local news reported Aug. 22. “We are planning on presenting the plan by Aug. 25,” a representative from Hanjin Shipping said. According to the shipper, the plan includes details on securing funds from its parent Hanjin Group and cutting charter fees from foreign vessel owners. Once the self-rescue plan is submitted, the creditors -- led by the state-run Korea Development Ba

Aug. 23, 2016

[THE INVESTOR] Ssangyong Motor is reentering the Philippine market after an eight-year hiatus, the company said Aug. 23. The automaker, owned by India’s auto giant Mahindra & Mahindra, will begin selling its vehicles, including the brand’s popular Tivoli compact SUVs in the country. Philippine journalists visited Ssangyong Motor’s plant in Pyongtaek, South Gyeonggi Province, Aug. 22. Ssangyong MotorEarlier in December, Ssangyong Motor formed a contract with local distributor Ssangyong Berjaya Au

Aug. 23, 2016

[THE INVESTOR] South Korean prosecutors will summon close aides of  Lotte Group Chairman  Shin Dong-bin this week in the ongoing investigation over irregularities the conglomerate is accused of committing. Seoul Central District Prosecutor’s Office on Aug. 22 said it will question Lotte Group Vice Chairman Lee In-won, head of external relations, President Hwang Gak-gyu, head of policy coordination, and President So Jin-se, head of external relations, as suspects over the retail giant’s charges t

Aug. 23, 2016

[THE INVESTOR] Kia Motors, South Korea’s second-largest carmaker, on Aug. 22 unveiled the latest version of its popular compact crossover utility vehicle Soul. The new Soul is equipped with a six-speed automatic transmission to offer improved mileage, the company said. The vehicle comes in two engine types, gasoline and diesel models. The gasoline model, powered with a 1.6-liter gasoline direct injection engine, has a 132 horsepower, maximum torque of 16.4 kilogram-meters and a combined fuel eff

Aug. 22, 2016