The Hanoitimes - It is the first major business decision after Lotte Chairman Shin Dong-bin was released from jail following an appeals trial, South Korean media reported. South Korea's Lotte Group on October 23 announced that it will inject around W50 trillion (US$44 billion) in all of its foreign and domestic business units over the next five years, including Vietnam, said the group in a statement. Illustrative photo. The corporation said of its investment plan that W20 trillion (US$17.64 billion), or 40%, will be allocated to the chemical business, with W12.5 trillion (US$11.02 billion), or 25%, planned for its retail arm, while creating 70,000 new jobs during the period. It is the first major business decision after Lotte Chairman Shin Dong-bin was released from jail following an appeals trial. He served an eight-month jail term on bribery charges in connection with a massive corruption scandal involving ousted President Park Geun-hye and her friend … [Read more...] about Vietnam included in South Korean Lotte’s US$44-billion5-year investment plan
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South Korea ex president Lee appeals 15 year jail term
Former South Korean President Lee Myung-bak will appeal a court verdict that last week sentenced him to 15 years in prison for corruption, his lawyer said Friday (Oct 12). Lee is the latest of South Korea's former leaders to be jailed after leaving office. (Photo: AFP/Jung Yeon-je) Lee was found guilty of bribery and embezzlement charges - becoming the latest of the country's former leaders to be jailed after leaving office. The conservative politician, who helmed Hyundai Construction before his election to the presidency, was separately ordered to pay a fine of 13 billion won (US$11.5 million) by the Seoul Central District Court. The court found that Lee, 76, was the de-facto owner of DAS - a controversial auto parts company which he claimed belonged to his brother - which he used to create a slush fund worth around 24 billion won. He was also found guilty of accepting nearly six billion won from Samsung Electronics in return for a presidential pardon for its chairman, who … [Read more...] about South Korea ex president Lee appeals 15 year jail term
South Korea jails former president Lee for 15 years on corruption charges
By Reuters  October 5, 2018 | 03:29 pm GMT+7 Former South Korean President Lee Myung-Bak appears for his first trial at the Seoul Central District Court on May 23, 2018 in Seoul, South Korea. Photo by Chung Sung-Jun/Pool via Reuters A Seoul court on Friday jailed former South Korean President Lee Myung-bak for 15 years for corruption. Lee, in office from 2008 to 2013, is the fourth former South Korean president to be jailed, with his successor Park Geun-hye imprisoned for her role in a separate corruption scandal that toppled her from power in early 2017 and also led to jail time for Samsung Group heir Jay Y. Lee. Lee Myung-bak faced charges that he accepted around $10 million in illegal funds from institutions like Samsung and his own intelligence service, fuelling ongoing concerns over the cozy ties between government and business leaders. The Seoul Central District Court found Lee guilty of embezzlement of about 24.6 billion won ($21.77 million) from a … [Read more...] about South Korea jails former president Lee for 15 years on corruption charges