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[Newsmaker] Shin Dong-bin steps down as director of Lotte E&C

Lotte Group Chairman Shin Dong-bin stepped down as an executive director of the group’s construction unit last month, according to the firm’s regulatory filing on Tuesday.

Shin resigned from his post at Lotte Engineering & Construction after two years and nine months to take responsibility following the Supreme Court’s decision on his involvement in a bribery scandal and to strengthen responsible management, the group said. 

Lotte Group Chairman Shin Dong-bin (Yonhap)
Lotte Group Chairman Shin Dong-bin (Yonhap)

In October, the nation’s top court confirmed a suspended sentence for his involvement in a corruption scandal that removed former President Park Geun-hye from power in 2017. Shin has been criticized for holding “excessive” number of executive director positions at Lotte affiliates.

He is still an executive director at the group’s eight affiliates, including the holding firm and chemicals, confectionery, hotel and shopping units, as well as Chilsung Beverage, Canon Korea Business Solution and FRL Korea.

By Shin Ji-hye (shinjh@heraldcorp.com)

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