S Korea Top Court Upholds Suspended Term for Lotte Chief

Seoul, Oct 17 (AFP) South Korea's top court on Thursday upheld a suspended jail term for the chairman of retail giant Lotte Group over a sprawling corruption scandal that brought down former president Park Geun-hye.

Shin Dong-bin was jailed for 30 months in February last year for providing seven billion won (USD 6.2 million) to a foundation controlled by Park's secret confidante in return for government favours regarding

Lotte's duty-free business.

The firm is one of the giant family-controlled conglomerates known as "chaebol" that dominate the South Korean economy and powered a decades-long economic boom, but have long had murky ties with authorities.

Shin, 64, was among the company heads -- including Samsung heir Lee Jae-yong -- accused of bribing Park and her close friend Choi Soon-sil for state favours.

But Shin was released in October 2018 after an appeals court reduced his sentence to a suspended jail term, which was upheld by the Supreme Court on Thursday.

"We confirmed that there was no misunderstanding of related legal principles" in the appeal court's decision, a court statement said.

Lotte -- the fifth largest conglomerate in South Korea -- began as a chewing gum company in Japan in 1948 but now operates businesses in chemicals, food, retail and hotels. (AFP)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)