Lotte Group’s Vice Chairman Lee In-won, 69, was found dead yesterday at a remote location outside the South Koean capital Seoul, in what appears to have been a suicide.

 

While not a family member, Lee In-won was the closest and most trusted advisor to Lotte Chairman Shin Dong-bin and although there is still no formal confirmation yet, the death appears to have been linked to a Seoul prosecutor’s hearing he was due to attend yesterday.

 

There are also reports that a lengthy suicide note was found in his car, although the contents have not been officially released ahead of the autopsy while the investigation continues.

 

LOTTE HAS BEEN UNDER INVESTIGATION

Lee In-won was a resident of Seoul and it is understood he had been summoned to appear before prosecutors in connection with ongoing suspected monetary irregularities, as part of its wider investigations into the company’s business.

 

This follows the launch of the earlier unprecedented investigation into the Lotte Group’s company-wide business dealings, which escalated into a series of unannounced raids on Lotte’s offices by Seoul prosecutors last June.

 

It also comes as further blow to the company after the 73-year-old daughter of Lotte’s 94-year old founder Shin Kyuk Ho was arrested in Seoul last July, accused of accepting bribes from a Korean-based cosmetics firm in return for preferential shop positions.

 

The overall fall out in terms of these pressures on the company have been significant, including the well-documented postponement of the Lotte Group’s proposed $4.5bn IPO in June of this year.

 

 

 

Lee In-won joined the Lotte Group in 1973 and rose through the ranks to be appointed to the top director and CEO position at the Lotte Shopping Company, before being promoted to the most recent position as Vice Chairman in 2011.

 

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For more information, click here: http://www.trbusiness.com/regional-news/asia-pacific/lotte-founders-daughter-arrested-on-bribery-charges/107265

 

See also: http://www.trbusiness.com/regional-news/asia-pacific/lotte-shelves-ipo-as-prosecutor-probe-widens/106346

 

See also: http://www.trbusiness.com/regional-news/international/lotte-revises-4-5bn-ipo-and-delays-to-july/106100