[Seoul 17th Reuters]-The South Korean Supreme Court said on the 17th that South Korean Lotte Group chairman Qin Dong Sung (Japanese name Akio Shigemitsu) was accused of corruption in connection with former President Park ’s defense He defended the defendant as guilty and supported a high court decision that sentenced him to imprisonment for 2 years and 6 months and 4 years of probation. After the high court decision, the defendant was released on bail.
The Supreme Court's ruling confirms a guilty punishment with a suspended execution. The defendant escaped imprisonment.
Following the ruling, Lotte Group's holding company Lotte Corp. <004990.KS> 's stock price surged 4.2% at a time, and Lotte Shopping <023530.KS>, the core of the group, rose nearly 2%.
After the decision, the Lotte Group issued a statement that "we will strive to become a trusted company while contributing to the nation and society."
Defendant was accused of bribery for providing 7 billion won ($ 5.9 million) to the fund managed by Park ’s best friend for convenience in the duty-free shop business, and sentenced to 2 years and 6 months in February 2018 Was sentenced to jail sentence. The defendant then appealed. In October of the same year, the Seoul High Court sentenced to 2 years and 6 months in prison and 4 years in jail, and the defendant was released on bail after 7 months in prison.
