Seoul prosecution investigators raided Lotte Group headquarters on Friday (June 10) morning, a group spokesman told Reuters, in what local media reported as a widening investigation into South Korea’s fifth-largest conglomerate.
The raids came as the group’s Hotel Lotte unit is readying an IPO, worth up to $4.6 billion, that has been cut in value and pushed back after the emergence of a bribery probe.
About 200 Seoul prosecution investigators were searching 17 locations including group headquarters, 7 affiliate companies and the homes of key executives including Lotte Group Chairman Shin Dong-bin, local news agency Yonhap reported, citing the Seoul Central Prosecutor’s office.
Hotel Lotte was among the group units raided, a spokeswoman for the unit said.
Prosecutors and investigators from the Seoul Central Prosecutors’ Office were not immediately available for comment.
A Lotte Group spokesman said some group affiliates were also raided but did not immediately say which.
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