SOUTH KOREA: 95-year-old businessman bags 4-yr sentence for embezzlement

Founder of Lotte Group Shin Kyuk-ho, 95, has been handed a four year jail sentence after a court in South Korea found him guilty of embezzlement.

Mr Shin alongside three members of his family were indicted last year on charges including fraud and tax evasion and his jail sentence came hours after his son and successor Shin Dong-bin was given a suspended 20-month prison sentence.

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The businessman whose case came to light following recent efforts to stamp out corruption in South Korea was convicted of embezzling at least 128.6 billion won ($119m; £89m) from the firm to benefit his relatives.

However, the court allowed him to remain free on health grounds pending an appeal, as he suffers from dementia.

 

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