Lotte Group Chairman Shin Dong-bin relinquishes management rights at Japanese holding company

Lotte

21/02/2018 08:08

SEOUL, Feb 21 (Reuters) - Lotte Group Chairman Shin Dong-bin 
has relinquished his representative rights at a key Japanese 
holding company, the Japanese company announced on Wednesday.   
    Shin retains his title of vice chairman and position on the 
board of Japan's Lotte Holdings, the company said.  
    Under Japanese corporate law, representative rights - 
typically given to top executives - grant wide-ranging authority 
over management matters.  
    Shin is currently detained after a Seoul court convicted him 
of bribery earlier this month.  urn:newsml:reuters.com:*:nL4N1Q32Z0 
    A separate Korean-language release from Lotte Corp said 
shareholders had voted to approve Shin's resignation from Lotte 
Holding's CEO position. Japan's Lotte Holdings said the 
Japanese-language release takes precedence over the 
Korean-language release. 
 
 (Reporting by Joyce Lee in SEOUL, and Sam Nussey and Taiga 
Uranaka in TOKYO 
Editing by Christopher Cushing) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: LOTTE CHAIRMAN/LOTTE CORP KR