Lotte Group head quits from its Japanese holding firm

Shin Dong-bin, chairman of Lotte Group, South Korea’s fifth-largest conglomerate, resigned as head of Lotte Holdings, the Japan-based holding firm owning the South Korean group, Lotte said on Wednesday. The move comes after a South Korean court found Shin guilty of massive corruption and influence peddling. Lotte Holdings’ board of directors met in Tokyo earlier in the day and accepted Shin’s resignation. The board, however, decided to maintain Shin’s position as a board director. Shin was arrested last week after the court handed him a two-and-a-half-year prison sentence for bribery in a bribery case involving impeached South Korean President Park Geun-hye and her friend Choi Soon-sil