[LOTTE CRISIS] Lotte chairman vows to list Hotel Lotte by year-end

By 이지윤

Published : June 15, 2016 - 12:46

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[THE INVESTOR] Lotte Group chairman Shin Dong-bin on June 14 (U.S. time) pledged to push through with the now-stalled plans for Hotel Lotte’s initial public offering by the end of this year.

“This does not indicate an indefinite delay,” Shin told reporters at the groundbreaking ceremony for a joint venture chemical plant in Lake Charles, U.S. “This was a promise made to the public, and it will be followed through.

Lotte Group chairman Shin Dong-bin

On June 10, local prosecutors launched an investigation into Lotte Group on embezzlement allegations.

The authorities have now widened the probe into most of Lotte’s major affiliates including Lotte Chilsung Beverage and Lotte Engineering & Construction.

Plans for listing Hotel Lotte were called off on June 13. Until the chairman’s comments yesterday, there had been no confirmation from Lotte on when the IPO plans would be renewed.

Shin also apologized to the public for the latest scandal.

“I apologize and will take responsibility,” Shin said. “I have instructed all Lotte affiliates to cooperate with the investigators.”

By Kim Ji-hyun (jemmie@heraldcorp.com)

[LOTTE CRISIS] Lotte chairman vows to list Hotel Lotte by year-end

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