South Korea’s Lotte Group founder gets suspended sentence

A court in South Korea on Friday sentenced Shin Kyuk-ho, 95, the founder of Lotte Group — the country’s fifth biggest conglomerate — to four years in prison for tax evasion and fraud. He was convicted of embezzling 128.6 billion won ($119 million) from the firm to benefit his relatives, according to AFP. However, considering Shin’s age and failing health, he was not arrested. Seo Mi-kyung, the founder’s mistress, received a suspended sentence, along with his son and the group’s current chairman Shin Dong-bin. The founder’s daughter Shin Young-ja was jailed for two years while his eldest son Shin Dong-joo was found not guilty. Lotte had to wind up its chain of supermarkets in China this October after Beijing targeted it with a boycott call of its products in protest against Seoul hosting the US’ anti-ballistic missile defence system.