Lotte Group vice-chairman found dead just hours before facing probe into alleged kickbacks and tax evasion
His death deepens the crisis at Korea’s fifth-largest family run conglomerate, which generates more than US$86 billion in annual revenue
Lotte Group vice-chairman Lee In-won was found dead hours before he was scheduled to be questioned by South Korean prosecutors in connection with an investigation into corruption at one of the country’s largest conglomerates.
Fire and police officials said Lee was found dead in Yangpyeong, outside Seoul, shortly after 7am on Friday. Police officials weren’t available to comment on a Yonhap News report that authorities found what appeared to be a suicide note in his car nearby.
Lee, the group’s highest-ranking executive outside the founding family, was scheduled to meet with South Korean prosecutors who are investigating allegations of slush funds, embezzlement and tax evasion. His death deepens the crisis at Korea’s fifth-largest family run conglomerate, which has 93 units generating more than 100 trillion won (US$86 billion) in annual revenue.
Lotte Group, which also has operations in Japan, said in a text message that it had confirmed the death and that it was “hard to believe that vice-chairman Lee, who has devoted himself to create the foundation for Lotte, is deceased”.
Lee, 69, was second to chairman Shin Dong-bin in Lotte’s hierarchy and supervised the overall management and core businesses of Lotte Group. He also served as a key bridge between the founding family and Lotte’s various units by “accurately understanding the minds” of Shin and his father, group founder Shin Kyuk-ho, according to Lotte’s official biography.
Lee started his career at Lotte Group in 1973 and worked his way up to becoming chief executive at Lotte Shopping before moving to group headquarters and working closer with the founding family.
