The unique shareholding structure of Lotte Holdings, the Tokyo-based firm that controls Lotte’s operations in Korea and Japan, may have been designed by Lotte Group founder Shin Kyuk-ho with the intention of bequeathing the retail giant to the son who gained more support from employees and executives of the company, Lotte officials in Seoul suggested Monday.Family firm Kojunsha holds approximately one-third of stakes in Lotte Holdings, while the two separate groups of employees and executives of

Industry June 27, 2016

“Everyone, work your servers. You get to be their boss tonight. And isn‘t that a good feeling?”With those words from John Schuldt, President of American Chamber of Commerce in Korea, began the 12th CEO Servers’ Night at the Conrad Hotel in Seoul on Friday. Hosted annually by the Partners for the Future Foundation, the event has the chief executives of AMCHAM member companies don white aprons to wait on family and friends and raise scholarships for underprivileged students.Eight CEO servers pose

Industry June 26, 2016

Nearly one-fifth of Lotte’s overseas corporations are in countries that might serve as tax havens, which could impede prosecutors’ investigation into possible misconduct, according to a research institute on Thursday.The study by the Korea 20000 Corporate Research Institute analyzed Lotte Group’s 256 overseas corporations and found 46 of those companies operate in countries suspected of being tax havens.The majority of these companies were set up in Hong Kong, which does not yet have a ratified

Industry June 23, 2016

The rise of average temperatures in Korea due to climate change is leading to higher tropical fruit production here, according to a research institute on Thursday.Production of tropical fruits rose 52.5 percent compared to last year, reaching 1174 tons, said the Korea Rural Economic Institute.Passionfruit was the most-produced fruit at 408.7 tons, followed by mangoes, pineapple, dragon fruit and papayas. The KREI said that the increase in production was due to rising temperatures, which allowed

Industry June 23, 2016

This year will see the largest number of Korean pharmaceutical companies seeking for stock market debuts to raise fresh funds for global market expansion, according to reports on Wednesday. Amid growing market expectations, Green Cross LabCell and ST Pharm got the green light for new listing on the tech-heavy bourse KOSDAQ on Thursday. The two firms are part of a long list of bio companies starting to trade their new shares in the market.In the first half of 2016, five companies went public and

Industry June 22, 2016

The owner family of Lotte Group is suspected of using a paper company in Vietnam to try to funnel money into a slush fund.The allegation surfaced amid an ever-widening probe by Korean prosecutors into the Korean-Japanese conglomerate for suspected corruption, illegal intragroup deals and embezzlement. According to local reports citing sources at the prosecution, the paper company is the Luxembourg-based Coralis SA, which was previously used for offshore tax evasion by Kim Seon-yong, the third so

Industry June 21, 2016

Beauty and pharmaceutical company Kolmar Korea is under investigation by tax authorities in what appears to be a targeted probe into the controlling family.Dozens of employees of the National Tax Service raided the firm‘s headquarters on June 9, seizing financial records.The NTS investigation comes a year before Kolmar Korea’s scheduled regular tax audit. Industry watchers say the sudden investigation is closely linked to allegations that CEO Yoon Dong-han misappropriated the holding structure o

Industry June 20, 2016

Korean products’ market share in the Chinese imported goods market grew 1.7 percent in the past two years, data showed Sunday.Just over one-tenth of imported products in China, worth $174.3 billion, came from Korea as of 2015, according to data from the Korea International Trade Association’s Institute for International Trade. Korean products were strongest in the petrochemicals and flat-panel display markets, where they hold about one-third of the market share.Between 2013 and 2015, the most no

Industry June 19, 2016

T’way Airlines has become the first Korean airline to introduce Paypal as a payment option, the airline said Friday.According to T’way Airlines, it decided to allow users to pay for tickets using Paypal in order to make payments easier for foreign passengers. A promotional image for using Paypal when booking T’way flights (T‘way Airlines)Paypal is a digital payment service that allows transactions to go through after a simple identity verification process, without having to enter a credit card n

Industry June 17, 2016

SK Planet has been named the Telecom eCommerce Service Provider of the Year for its mobile marketing brand Syrup, the company said Thursday.The award was presented to the firm at the 2016 Asia Pacific ICT Awards in Singapore on Wednesday. It was hosted by the consulting firm Frost & Sullivan and this was the 13th year of the awards.SK Planet vice president Park Jung-min (right) receives the Telecom eCommerce Service Provider of the Year award at the 2016 Asia Pacific ICT Awards in Singapore on W

Industry June 16, 2016

French spirits-maker Pernod Ricard has appointed Jean Touboul as its next chief executive in Korea, the company said Wednesday.Touboul, who is the current managing director of Pernod Ricard Taiwan, will take office on Sept. 1 to replace Jean-Manuel Spriet. Touboul joined the group in 2004, and joined the headquarters in 2011 as vice president of financial communication and investors relations.   Jean Touboul (Pernod Ricard Korea)He took up his post in Taiwan in October 2014.At an internal town h

Industry June 15, 2016

An Asiana Airline cabin crew member interacts with students at Xintan Elementary School in Jiangsu province, China, Tuesday. Asiana Airlines donated eight computers, 400 desks and 1,000 books to the school as part of its 25th Beautiful Classroom partnership. The Beautiful Classroom project is Asiana Airlines’ global corporate social responsibility program, sponsoring schools in China since 2012. Pictured: (Asiana Airlines)

Industry June 15, 2016

[THE INVESTOR] Prosecutors have found a breakthrough in their investigation of Lotte Group's founder and top executive, securing testimony that two officials had received more than 30 billion won ($25.6 million) annually from companies affiliated with the conglomerate.Financial managers within the group reportedly told prosecutors during questioning that Lotte founder Shin Kyuk-ho and his son, current group chairman Shin Dong-bin, had collected 10 billion won and 20 billion won, respectively, ea

Industry June 14, 2016

The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year. Shin Dong-joo (left) and Shin Dong-bin (Yonhap)By removing Lotte founder Shin Kyuk-ho and Shin Don

Industry June 13, 2016

SACHEON, South Gyeongsang Province -- British American Tobacco Korea has forecast that its export of cigarettes will double after its second factory is completed in January.BAT officials unveiled the outlook during a groundbreaking ceremony Friday at its factory in Sacheon, South Gyeongsang Province, for its second building.  Officials from BAT and a construction crew break ground for the second building of BAT Korea’s Sacheon factory. (BAT)They said the second factory, set to open in January ne

Industry June 12, 2016