Lotte Corp shares down more than 7 percent after group chief arrested


SEOUL (Reuters) – Shares in Lotte Corp (004990.KS), the holding company of Lotte Group, declined more than 7 percent to a near eight-week low early on Wednesday, after the group’s chairman was jailed for bribery. The Seoul Central Court on Tuesday sentenced Lotte Group Chairman Shin Dong-bin to two years and six months in prison in a case tied to an influence-peddling scandal that rocked the country’s business and political elite. Shares in flagship retailer Lotte Shopping (023530.KS) also dropped 5.5 percent to its lowest intraday level since early January. Affiliates Lotte Food (002270.KS), Lotte Chilsung (005300.KS) and Lotte Confectionery (280360.KS) all fell more than 2 percent. Reporting by Joyce Lee and Dahee Kim; Editing by Stephen CoatesOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters