Lotte Group Chairman Shin Dong-bin returns to work after his bribery sentence was suspended for four years on appeal.

Lotte Group Chairman Shin Dong-bin has returned to work today (8 October) after an appeals court suspended a bribery sentence on Friday (5 October) for four years and released him from prison, TRBusiness can confirm.

As reported, Dong-bin, was sentenced to two-and-half-years in prison in February by The Seoul District Court.

The court alleged Dong-bin offered KRW7bn ($6.2m) in bribes to a non-profit foundation led by Choi Soon-sil, friend and adviser to former South Korea president Park Geun-hye.

In return, it is understood Dong-bin sought special favours such as the licence to open a duty free shop (believed to be the World Tower store) and a more controlling influence over the group. Choi herself, was sentenced to 20 years imprisonment for corruption, influence-peddling and abuse of power.

‘RECORD LOW’ OPERATING PROFIT

Last year, the retailer reported ‘record low’ operating profit of KRW2.5bn ($2.2m) on sales of KRW5.4tn ($4.8bn) excluding its Busan downtown and Gimhae Airport operations. This was due to the long-running impasse between Beijing and Seoul over the US-supplied THAAD missile defence system, which resulted in South Korea absorbing a calamitous hit to its Chinese tourist numbers in 2017.

Rising rents and fees and Seoul Incheon International Airport also contributed.

Last year, the retailer reported ‘record low’ operating profit of KRW2.5bn ($2.2m) on sales of KRW5.4tn ($4.8bn) excluding its Busan downtown and Gimhae Airport operations.