Garet's Everland/Lotte World TR's 2014/2015

[BlahBlahson]

That new slide is incredible. If any park here in Orlando got one of those it would instantly be my favorite waterpark in the area.

[Garet]

That new slide is incredible. If any park here in Orlando got one of those it would instantly be my favorite waterpark in the area.

 

I'll probably wait a while before I ride, last time I was at the water park lines were over 2 hours for the bigger slides and 1 hour for normal tube slides. For Mega Storm, at least for soft opening, it's open 1-4pm with wristbands handed out from 9am first come first serve but I don't think i'm in good enough shape to out-run all the Koreans who will go

 

I wonder if it's popular enough if they will make the new water-slide reservation only like T Express is, I know last summer they did a trial run on 2 of the most popular water slides where you reserved a time at opening to come back and ride them.

[Garet]

Not sure if Mega Storm had it's soft opening like planned, i've seen no discussion about it and the tag for the soft opening was removed from the posts. It also says coming soon instead of June 20th, I'm not sure if it's anything to do with the ride though. It could just be due to the ongoing MERS scares keeping people away ( I've been hearing reports that a lot of the rides have been walk-on and even T Express has no reservation system and short lines in the mornings- early afternoons) and they are saving their new attraction for a few weeks for when people are more willing to visit crowded places again.

 

Everland also just released the new map that will be current until the end of August.... but there's nothing on it at all to do with the big 2015 flume ride that was due to open in July, again it could be due to the MERS scare that they don't want a grand opening but the site was still mostly dirt with supports going in on my last visit, I've reattached my pictures from the TR of what the site looked like mid-may.

[Garet]

Mega Storm did open on June 20th after all, there are some pictures of the new slide here: http://witheverland.com/990

[Garet]

 

The Hwaseong government has announced they are aiming to have an "international park" come to the area in 2021. The hashtags mention Universal Studios and Disneyland as examples but it could be anyone's guess, an international chain could be anything. The post also mentions Sentosa as an idea of what they want the area to become. It's worth mentioning since the Hwaseong area is the same province where Universal Studios Korea was originally going to be built. They ask what people like about parks: scary rides, cute characters or dinosaurs (the area has some tourist attractions based on fossilized eggs in the area, a dinosaur is also the areas mascot and little statues of him and others can be seen in a few cities around here) the pictures they chose to represent these options are.... interesting.

 

 

In other theme park news Caribbean Bay, Everland's water park, now has a queue time app. It's been a long time since I've been to a waterpark outside of Asia, are smart phones a common appearance in waterparks while people are swimming there too? Waterproof bags to wear around your neck are quite popular at Caribbean Bay and people tend to take their smart phones into the water... I'm just not that brave. With lines that can be over an hour long for even ordinary tube slides, an app is quite handy to have without having to trek to the entrance to see the board.

Edited August 26, 2015 by Garet

[Garet]

Saw this coming up on a korean blog this morning, even though it's an old video some people have just noticed it. It's apparently comments made by one of the higher ups in the Goddard Group. It's interesting the comments made considering how many projects have come from the Goddard Group and Lotte Worlds partnership.

 

[youtu_be]

[/youtu_be]

 

Let's Dream v1.1 and an end to my time in Seoul. We updated the Sky Control system allowing for new drone choreography. The Lotte Entertainment team added new LED lights to 5 large floats without creative input from GGE. In my opinion these new lights and their programing are a complete contrast with the original direction of the show. Gone, under the direction of the Lotte Entertainment Team, are several effects that GGE implemented into these floats in favor of this horrible lighting. Bubbles no longer spill from the Deep Dreams float. Batteries, wires, and zip-ties are visible through-out each effected float to accommodate the new lighting. The amazing rotating sun on the finale float is now stationary, and the pre-show was drastically altered, among other small unnecessary changes. However, with all the negative changes, the original intent and inherently great design by GGE still finds ways to break through and charm the guests.

[Garet]

Though I predicted the opening could be delayed from July after the ride was missing from the park map, it seems the ride will be here around the end of August. Everland have released the micro-site and the name for their 2015 attraction: Thunder Falls

 

Website: http://www.everland.com/thunderfalls/

 

Some facts from the site:

 

Backwards drop, turntable and U turn section

Boats will take 8 people each compared to 4 people like the old ride.

The height of the ride is now 20m compared to 11m.

485m long (old flume was 443m)

45 degree drop which will is 10 degree steeper.

 

I'll try and bring a TR sometime in the fall, seeing as I can only get out on weekends I normally end up waiting a few months before I hit up new rides since lines could be up to 3 hours on the old flume ride I can see lines being huge for this into the autumn. I have yet to try the new water slide with lines in the water-park being extremely long on weekends and the new slide pulling lines of almost an hour even on very wet weekdays. However Caribbean Bay is going to be open until 10PM for a month, along with Everland having 11PM closing so just maybe I might take my chances and hope to get a night ride.

[Garet]

Lotte World have also announced something new to go along with the wild-trio of simulators in the Underland area. This one might get you less excited though.

A kids road-train called Dragon Train

 

Source

[Garet]

Another update from Korea:

 

Everland's opened their new flume ride featuring two turntables, a u-turn and backwards drop. I'll try and get out and take pictures soon.there's been quite a few POV's uploaded on youtube lately by korean bloggers, here's one I found in 4k by themeparkstory:

 

[youtu_be]

[/youtu_be]

 

The empty space I pictured where the fun-house once stood before the accident now has a construction wall up around it, it will be replaced by a new fun-house/play area themed around Everland's new mascot and candy.

 

Everland has a new indoor attraction called Pride in Korea, it's kind of almost like an interactive museum with a 4D movie at the end. Like a few of Everland's attractions it's also reservation based. No word on if it's a permanent fixture or just this year to celebrate 70 years since liberation from Japan.

 

The goddard group have published some concept art from what would have been a follow-up to Terminator 3D for Everland only themed around Aliens:

 

Eagle's Fortress has now been completely ripped out and a lot of land has opened up, sadly according to Korean blogs (who are normally quite accurate) it will be replaced by a hotel since currently the only place to stay is the hostel located near the gardens.

 

The park is pretty empty when it is hot, even though it is summer vacation the park has been empty all weekend with everything open, even T Express is walk-on and the new super flume peaking around 60 minute waits.

 

The same can't be said for the waterpark however, the new mega-storm and boomerang slide have Everland's famous reservation policy in place. Getting there at opening should be a priority. The lines build up about an hour after opening and will stay high apart from the aqualoops. The lines are hitting 3 hours for Mega Storm (i've seen 210 minutes on weekdays) and all other slides are around 60-100 minutes for any tube slides or speed body slides, the shortest lines seem to strangely be the aqua loop in the afternoons/evenings, it's the one slide you have to do in just your swim-suit (all the others you can wear stuff over your swim-suit) and so people tend to hit it in the morning since some of the line is outdoors and it can drop to 10 minutes later on, considering even the normal speed slides indoors and out have 40-60 around then, it may be the only slide that's quiet in the whole park.

Edited August 26, 2015 by Garet

[Garet]

More Korean theme-park news although sadly not for good reasons. I should stress that Everland's water-park isn't confirmed as where the incident took place, only that they were the ones who filed the complaint. Some sites are claiming where it was but I'm not sure if there has been any official confirmation.

Fear of being photographed or filmed using hidden cameras is spreading as a video clip showing the naked bodies of more than 100 women at a water park shower room went viral this week.

 

Police said Wednesday they believe the 10-minute video footage titled, "Korean Water Park Shower Hidden Cam Videos Released," was filmed last year before being released on a U.S.-based website. A woman in her 20s is suspected of having secretly recorded the footage, according to the police.

 

The video is now being shared through websites and social media outlets, after the incident made headlines earlier this week.

 

Police Tuesday began an investigation after a complaint from the Everland Resort, a company that owns the Caribbean Bay water park. It is unclear whether the video was actually filmed there, with Everland officials saying they filed the complaint because the footage may make people avoid all water parks across the country.

 

The footage shows the faces and private parts of females, including some who appear to be minors, police said.

 

This is the latest major crime involving hidden cameras, and such crimes have left many people, especially women, fearing for their privacy.

 

"I'm horrified by the thought that someone may record my naked body using secret cameras in public places," a 32-year-old woman, surnamed Lim, said.

 

"The scariest thing is that it could happen to anyone. And there is almost nothing I can do about it," a 25-year-old woman, who refused to be named, said. "I know a couple that even called off their engagement because of such an incident."

 

Over the past few years, crimes of secretly taking photos or recording videos of people's private parts with hidden cameras have risen sharply. Such photos and footage are easily found on file-sharing websites and online communities.

 

"I think most women have no idea how widespread such videos are," a 30-year-old man, surnamed Park, said. "I am actually surprised by the fact the video leakage became an issue. There are plenty of others online."

 

Thanks to the growth of mobile phones, digital cameras and the Internet, surveillance technology has become far more widely available. The size of such gadgets gets smaller and the price of them is falling, resulting in more invasions of privacy.

 

According to the National Police Agency, the number of crimes involving hidden cameras increased from 2,400 in 2012 to 6,623 last year.

 

Under the law, those taking or distributing such photos or videos via hidden cameras could face up to five years in prison or a maximum of 10 million won ($8,500) in fines. However, most offenders are fined, while few end up with a prison sentence.

Source

[Garet]

I'll end this thread soon since my Korean theme park news posts has turned this into a Garet talks to himself thread but an update to the above. I'll make a new thread when my next Everland TR is ready to seperate it away from the articles.

 

They caught the person recording and sadly it turns out she targeted most of the water parks (and as you've probably seen from the TEA attendance report, these places see a lot of visitors).

 

Police said Wednesday that they have arrested a woman suspected of having recorded videos of more than 100 naked women in water park shower rooms using a concealed camera.

 

The 28-year-old woman, surnamed Choi, has admitted that she recorded videos at a water park in Gangwon Province and three other places last year.

 

She said that she handed over the video files to an unidentified man, who offered her money for doing the job, said Yongin Dongbu Police Station.

 

One 10-minute video clip that she recorded titled, "Korean Water Park Shower Hidden Cam Videos Released," recently went viral, stoking fears of more secretly shot footage, especially among women.

 

Police said, in total, the four video files are 185 minutes long. They are investigating whether other files have also been released online.

 

During questioning, Choi said that she received 300,000 won to 600,000 won ($500) for each video file from the man who she met through an online chat site. Police are now searching for him.

 

Choi used a subminiature camera imported from Taiwan attached to a mobile phone cover to record the video files.

 

She also allegedly shot video at three water parks in Gyeonggi and Gangwon provinces as well as more at an outdoor pool in Seoul from July to August last year.

 

After her video clip made headlines last week, Choi immediately traveled from Seoul to her hometown Gokseong in South Jeolla Province, to avoid the ensuing police investigation.

 

By then, police found her address after narrowing down a list of suspects to those who visited all four places within the period. Police also found a few seconds of video in which Choi's face appeared at the end of the video file.

 

However, before officers reached her house, Choi unexpectedly contacted the police, but not regarding the crimes she was alleged to have done.

 

According to police, her father learned of the video scandal after relatives told him about it. In anger, he allegedly beat her as he scolded his daughter. When Choi called the police, she accused her father of domestic violence.

 

Within 30 minutes, she was arrested.

 

Choi said she gave the subminiature camera back to the man along with the video files and denied that she distributed the files.

 

"Finding the man is our priority now. We believe he is the one that distributed the video," a police officer said.

 

This is the latest major crime involving concealed cameras.

 

According to the National Police Agency, the number of crimes involving such devices increased from 2,400 in 2012 to 6,623 last year.

 

Under the law, those taking or distributing photos or videos obtained from concealed cameras could face up to five years in prison or a maximum of 10 million won in fines. However, most offenders are fined, while few end up with prison sentences.

Source

Edited September 1, 2015 by Garet

[Garet]

In response to widespread concern that hidden cameras may be filming our every move, police said Monday they will work undercover to track down hidden cameras at water parks across the country.

 

About 200 officers will be stationed at 97 water parks nationwide to clamp down people trying to take secret photos or film secret videos.

 

Women officers will closely watch showers and changing rooms.

 

Police will also crack down on manufacturing, importing and selling illegal hidden cameras, which do not have government approval. People can buy a variety of cameras that look like normal everyday items such as pens, car keys and watches.

 

A woman accused of taking hidden-camera footage of naked women in public shower rooms was revealed for couple minutes in the video. /Yonhap

 

The decision follows the recent posting of a "water park video" filmed by a woman, surnamed Choi, 28. Choi filmed people in showers at three water parks and an outdoor swimming pool in Seoul, and Gyeonggi and Gangwon provinces last year. She filmed the video at the request of a man who she met through an online chat room.

 

Choi said the man, 33, identified as Kang, gave her up to 600,000 won per video.

 

Choi used a small camera attached to a smartphone case, police said.

Source

[Garet]

Goddard Group posted some very interesting concepts this week of what an overhaul of Lotte World could have looked like: https://www.facebook.com/goddardgroup?fref=ts

[Garet]

Figured this was best here with the other news clippings, more bad news for Lotte Worlds main company, especially Lotte Tower (aka Lotte World 2)

 

SEOUL, June 13 (Yonhap) -- South Korean retail giant Lotte Group is facing yet another stumbling block following a bitter succession feud as its major business projects are facing delays or cancellations amid a widening probe into its lobbying and slush fund allegations, industry watchers said Monday.

 

Lotte, South Korea's fifth-largest conglomerate, has come under a high-profile investigation as prosecutors on Friday raided the offices of its headquarters, seven affiliate companies and the houses of key executives, including group Chairman Shin Dong-bin, to look into allegations of illegal slush funds and other shady business practices.

 

 

 

 

This raid comes less than two weeks after prosecutors raided the offices of Lotte's duty-free business, the founder's eldest daughter and the incumbent chairman's sister Shin Young-ja on suspicion of receiving kickbacks from the chief of scandal-ridden cosmetics brand Nature Republic in return for business favors.

 

The widening probe into its key figures and affiliates is the last thing Lotte needs as it has been pushing for the initial public offering (IPO) of Hotel Lotte, a series of mergers and acquisitions and the opening of the 123-story Lotte World Tower this year.

 

The IPO of the hotel and duty-free operator is the key reform pledge the Lotte chairman, the second son of Lotte founder Shin Kyuk-ho, has made to improve the murky governance structure of the business empire following an acrimonious succession battle with his elder brother Dong-joo.

 

Hotel Lotte had initially planned to go public on the Seoul bourse in late June, but last week pushed back the schedule to July 27 and cut the size of the IPO in the aftermath of the snowballing bribery scandal.

 

Prosecutors carry boxes of documents and computer files confiscated from Lotte Chairman Shin Dong-bin's office in Lotte Hotel in downtown Seoul on June 10, 2016. (Yonhap)

 

 

But the July deadline has also become an unachievable goal following the Friday raid because there is not enough time for the company to revise its documents. It has to complete the listing procedure within six months following preliminary approval in January.

 

On Monday, Lotte said it will "indefinitely delay" the hotel listing, considering "the current situation and protection of shareholders."

 

"As the Hotel Lotte IPO is a key task for improving corporate governance by lowering the ownership of Japanese shareholders and diversifying shareholders, we will closely consult with the IPO manager and regulatory agencies about the future plan," Lotte said in a statement.

 

The widening investigation has also dealt a blow to its chemical unit, which has sought to diversify its portfolio following a 3 trillion won (US$2.55 billion) takeover of Samsung's chemical units in October.

 

Following Friday's raid, Lotte Chemical Corp. canceled its takeover bid for U.S.-based petrochemical firm Axiall Corp.

 

"We decided to withdraw the bidding considering the overheated competition and the tough situation Lotte is faced with in the domestic market," Lotte Chemical said in a regulatory briefing on Monday. "Separately from the bidding plan, we will continue to maintain a partnership with Axiall Corp."

 

Market watchers say Lotte's other major projects could also face headwinds, as senior officials are embroiled in the scandal and other irregularities.

 

Lotte has been seeking reapproval from the government to maintain its duty-free outlet at Lotte World Tower, the license of which is set to expire at the end of this month.

 

Lotte World Tower located in southern Seoul is shrouded by clouds on May 30, 2016. (Yonhap)

 

 

Failure to get a license for the duty-free store that generated some 500 billion won in sales in 2015 could inevitably lead to shrinking profit, which could undervalue Hotel Lotte's IPO should the procedure resume later.

 

The fate of Lotte World Tower also remains unclear as Noh Byeong-yong, who is in charge of building the Lotte Corp. skyscraper, was arrested over the weekend on charges of selling toxic humidifier disinfectants while he was serving as chief marketing officer of Lotte Mart years ago.

 

The skyscraper standing next to the Han River in the affluent Gangnam Ward partially opened last year despite lingering safety concerns, but it still faces the daunting task of reassuring shoppers who remain jittery over its safety.

 

Prosecutors are also looking into suspicions that Lotte officials lobbied government officials from the previous administration to get approval for the construction of the nation's tallest building near a military airport.

 

To make matters worse, the family feud doesn't seem to be put to rest.

 

This composite image shows Lotte Chairman Shin Dong-bin (L) and Shin Dong-joo, former vice chairman of Lotte Holdings. (Yonhap)

 

 

In the midst of the turmoil, Shin Dong-joo, the former vice chairman of the Tokyo-based Lotte Holdings, has once again waged an offensive against his younger brother.

 

Dong-joo has claimed that he is his father's hand-picked successor and is currently taking care of his 93-year-old father, who has been hospitalized, in what could be a move to project the image that he is the heir. Dong-bin has argued that his father is unable to make reasonable judgments due to mental health problems.

 

Dong-joo has reportedly demanded that Lotte Holdings shareholders vote on his proposal calling for the dismissal of Dong-bin and Lotte Holdings President Takayuki Tsukuda from the post of company director at the shareholders' meeting. Lotte Holdings is expected to adopt the proposal as a formal agenda item for a vote, according to officials.

 

Dong-bin prevailed in two previous shareholders' meetings, including one in March that cemented his hold on Lotte in a power struggle with his elder brother.

 

Still, Dong-joo has asked Lotte Holdings to set up an emergency consultative meeting ahead of the shareholders' meeting, citing the crisis over the prosecutors' investigation and alleged malpractice carried out under the current leadership.

 

"We have completed an analysis of the financial statements of Hotel Lotte," Kim Soo-chan, the legal representative for Shin Dong-joo, told Yonhap News by phone. "We will closely watch the prosecution's investigation and decide on whether to use the documents for any actions."

 

All of these challenges could put a heavy burden on Shin Dong-bin, whose close aides are being questioned over their involvement in the creation of alleged slush funds and other shady practices.

 

According to sources with knowledge of the investigation, prosecutors have traced dubious funds worth 30 billion won that the founder and the incumbent chairman created through affiliates.

 

Noh Byeong-yong (L), CEO of Lotte Corp., the operator of Lotte World Tower and Mall, is being taken to a Seoul jail on June 10, 2016, after the court approved an arrest warrant for him. He is charged with selling toxic humidifier sterilizers during his days as the chief marketing officer of Lotte Mart. (Yonhap)

 

 

Despite rising pressure, Lotte officials remain confident that the prosecutors' investigation is unlikely to affect Dong-bin's management control, saying there is no sign of unrest among the major shareholders in Lotte Holdings.

 

Currently, the Lotte chairman is on a business trip to Mexico and the United States and is scheduled to return home later this month.

 

Although Lotte withdrew its bid for Axiall, Shin plans to attend the opening ceremony of an ethane cracker in Louisiana, a joint project between the two companies, according to senior Lotte officials.

 

"Shin had planned to return this weekend, but the shareholders' meeting of Lotte Holdings has emerged as a new factor," a senior Lotte official said. "The chairman is likely to stay in Japan until the shareholders' meeting before returning (to Seoul)."

Source

[Garet]

To add to my other news clippings of the ongoing saga of Lotte:

 

SEOUL/YANGPYEONG, South Korea, Aug. 26 (Yonhap) -- The vice chairman of South Korea's fifth-largest conglomerate Lotte Group was found dead Friday, police said, in an apparent suicide that occurred while he was waiting for a summons by prosecutors over corruption allegations involving the group.

 

Police found the body of Lee In-won, the group's No. 2 man and close aide of Lotte chairman Shin Dong-bin, on a trail in Yangpyeong, 55 kilometers east of Seoul, after receiving a report from a local resident at around 7:10 a.m. that a man in his 60s was hanging from a tree.

 

The police said they found Lee's identification on his clothes and are examining the scene, including his car found near the site of the incident.

 

In a four-page suicide note found in his car, Lee addressed his family, as well as executives and staff members of the group, while expressing loyalty to group Chairman Shin and denying the group's slush fund allegations.

 

Police said they will not open the full text of the note to the public at the bereaved family's request.

 

Lee, who lives in central Seoul, did not return home after going out at around 9 or 10 p.m. Thursday, according to the bereaved family. He said he was going out for a workout, they said.

 

After conducting an autopsy at the National Forensic Service, police said Lee's death was the result of hanging, adding that they have not found any evidence of foul play.

 

Joining Lotte in 1973, Lee became the first to take a position as the group's vice chairman besides the owning family in 2011.

 

The 69-year-old was to be summoned by prosecutors at 9:30 a.m. on Friday as a suspect facing charges of a breach of trust and other unlawful activities that have rocked the business conglomerate.

 

Lee was suspected of playing a critical role in the group's alleged tax evasion worth hundreds of billions of won, some billions of won of slush funds creation and other allegedly shady deals between the group's affiliates.

 

State prosecutors have been widening their probe into the retail giant after launching a full-fledged raid in June, followed by a series of summons of its executives.

 

On Thursday, prosecutors questioned Hwang Kak-gyu, the group's No. 3 in charge of strategy planning, for well over 20 hours.

 

Late last month, Shin Young-ja, the Lotte Foundation chief and daughter of the group's founder, was detained and indicted over alleged bribery and embezzlement.

 

The prosecutors expressed regret over Lee's death, saying they will review the schedule of future investigation plans.

 

Still, they said the overall direction of the investigation will remain unchanged.

 

A senior representative at the law firm Kim & Chang, which is in charge of the group's legal representation, said the deceased was planning to attend the summons, adding they had discussions with Lee over the issue on Thursday.

 

The official, who asked not to be named, said they will further discuss with the group how to deal with the situation.

 

In South Korea, it is not rare for a high-profile suspect to commit suicide when undergoing an investigation.

 

Last year, local businessman Sung Wan-jong committed suicide after leaving a note suggesting that some of President Park Geun-hye's aides took bribes from him, including her now-retired Prime Minister Lee Wan-koo. Sung was found dead just hours before he was set to attend a trial to determine the legitimacy of his arrest.

 

Former President Roh Moo-hyun jumped off a cliff to his death behind his retirement home in 2009, a year after leaving office, amid a prosecution investigation into allegations that his family members accepted illicit funds.

Source

 

SEOUL, Sept. 1 (Yonhap) -- The elder son of Lotte Group founder Shin Kyuk-ho was summoned by prosecutors Thursday as they resumed an investigation into the embattled retail giant after one of its senior executives was found dead in an apparent suicide last week.

 

Shin Dong-joo appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of embezzling some 40 billion won from the group's major affiliates.

 

Prosecutors suspect he received the money as a stipend by just being listed as a board member of the companies between 2006 and 2015.

 

Entering the prosecutors' office, he declined to comment on any of the allegations raised.

 

During the questioning, Shin is known to have partly admitted to receiving the money, while claiming that he only realized in hindsight that the money was being given to him.

 

He is the second member of the owner family to be summoned after Shin Young-ja, his elder sister.

 

She was detained and indicted in July over suspicions that she pocketed some 3.5 billion won (US$3.1 million) in kickbacks from local companies, in return for business favors related to Lotte's duty-free and department stores.

 

Prosecutors also summoned her on Wednesday to verify separate allegations that the group's founder dodged some hundreds of billions of won in taxes in the process of donating a combined 6.2-percent stake in Lotte Holdings, held in borrowed names, to his third wife, her daughter and Young-ja in 2006. Lotte Holdings is Lotte's de facto holding firm based in Tokyo.

 

The prosecution has been investigating Lotte Group since early June over alleged slush funds, embezzlement and other irregularities.

 

Lotte, which has sprawling businesses in both South Korea and Japan, has been gripped by a series of scandals since last year, including a bitter feud between Shin Dong-bin, the incumbent Lotte chairman, and his older brother for managerial control.

 

Dong-joo has consistently claimed the Lotte Group founder handpicked him as the successor, but Dong-bin insisted that his father was unable to make reasonable judgments due to mental health problems. The prolonged family feud virtually came to an end after the founder's second son and incumbent chief won shareholder support in March to tighten his grip on the group.

 

On Wednesday, a Seoul court designated a nonprofit subsidiary of a local firm as legal guardian of the founder, saying he lacks the ability to make business decisions due to illness and old age.

Souce

 

SEOUL, Sept. 26 (Yonhap) -- A warrant is being sought to formally arrest the chief of the embattled South Korean retail giant Lotte, prosecutors said Monday, as the high-profile corruption probe into the country's fifth-largest conglomerate nears its conclusion.

 

The Seoul Central District Prosecutors' Office submitted the request to a local court to detain Shin Dong-bin, 61, on charges of embezzlement and breach of trust.

 

Shin is suspected of orchestrating a series of shady deals between the group's affiliates, as well as getting involved in alleged slush funds valued at some 30 billion won created by the conglomerate's construction arm over the last decade.

 

Prosecutors suspect that the amount of money transacted illegally under Shin's direction hovers around some 170 billion won (US$154 million).

 

The latest legal action came about a week after the business tycoon was summoned by prosecutors Tuesday, becoming the first incumbent chairman to be a criminal suspect in the group's decadeslong history.

 

Prosecutors here have been looking into Lotte's alleged wrongdoings since they launched full-fledged raids into the group's headquarters in June.

 

Since the launch of the investigation, prosecutors have called in a number of high-level executives at Lotte who are suspected of being involved in the massive corruption scheme.

 

Earlier this month, Shin's older brother Dong-joo was quizzed over allegations of embezzling some tens of billions of won from the group's major affiliates.

 

In the following week, prosecutors carried out the questioning of the brothers' father and group founder Shin Kyuk-ho at his office in Hotel Lotte in Seoul.

 

The Seoul Central District Court will hold a hearing later this week to decide whether to issue the warrant to arrest the incumbent chairman.

Source

[DirkFunk]

This would be the second high profile corporate collapse this year in Korea. Alarming.