SEOUL, Oct. 30 (Xinhua) -- South Korean prosecutors on Monday demanded a 10-year prison term for Chairman of Lotte Group Shin Dong-bin over management corruptions.
The Seoul prosecution demanded 10 years in prison for the chief of the country's fifth-largest family-run conglomerate, for embezzlement and breach of trust, according to local media reports.
It also asked the Seoul Central District Court to impose a fine of 100 billion won (90 million U.S. dollars) on Shin.
Shin, 63, was accused of offering tens of millions of dollars in illegitimate pay to the founding family members of Lotte Group, while providing illegitimate business favors for the founding family-run companies.
He was also charged with helping a financially-distressed affiliate increase capital by issuing new stocks, which were bought by other financially-healthy affiliates.
Those illegalities incurred tens of millions of dollars in losses to the Lotte affiliates, prosecutors claimed.
Meanwhile, the prosecution asked the court to sentence Shin Dong-joo, former vice chairman of Lotte Holdings in Japan and elder brother of Chairman Shin, to five years in jail and fine him 12.5 billion won for receiving the largest part of the illegitimate salary.
Prosecutors requested seven years in jail for both Shin Young-ja, elder sister of the Shin brother, and Seo Mi-kyung, mistress of their father, the Lotte founder Shin Kyuk-ho, for evading taxes and receiving illegitimate business favors.
They also fined Ms. Shin and Seo 220 billion won and 120 billion won respectively.
The prosecutors said the Lotte founding family transferred a massive wealth from father to children in illegal ways while privatizing the company assets to pursue private interests of the family.
