South Korea misses podium in corporate Olympics

Lotte

23/02/2018 01:46

(The author is a Reuters Breakingviews columnist. The opinions 
expressed are his own.) 
    By Quentin Webb 
    HONG KONG, Feb 23 (Reuters Breakingviews) - The world's gaze 
is on the host of the winter games, so it is a bad month to 
showcase the rot by freeing a Samsung boss or jailing another 
tycoon amid a corruption probe. At least for Seoul and its 
mighty conglomerates, the only way is up in the 
corporate-governance medal tables. 
 
    Full view will be published shortly. 
    On Twitter https://twitter.com/qtwebb 
     
    CONTEXT NEWS 
    - Shin Dong-bin, chairman of South Korean conglomerate Lotte 
Group, on Feb. 21 relinquished his so-called representative 
rights at a key, privately held Japanese holding company of the 
group.  
    - The rights grant executives wide-ranging authority over 
management matters under Japanese law, according to Reuters.  
    - Shin was sentenced on Feb. 13 to 30 months in prison for 
bribery in the same scandal that has led to the impeachment and 
trial of former South Korean President Park Geun-hye. Lotte is 
the country's fifth-largest chaebol, or family-controlled 
conglomerate, with interests that span food, retail, chemicals, 
tourism, finance and other sectors. 
    - This closing ceremony for this year's Winter Olympics in 
Pyeongchang, South Korea, is due to be held on Feb. 25. As of 
Feb. 21, the host country stood eighth in the medals tables, 
with Norway in the top spot.     
    - For previous columns by the author, Reuters customers can 
click on  WEBB/   
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
Korea can aim for Olympic economic bronze     urn:newsml:reuters.com:*:nL4N1PZ17Y 
Freed Samsung heir cannot escape reform spotlight    
 urn:newsml:reuters.com:*:nL4N1PV386 
Lotte Group chairman gives up management rights at key Japan 
holding company     urn:newsml:reuters.com:*:nL4N1QB28V 
Lotte chief and ex-president's friend jailed in S. Korea scandal 
    urn:newsml:reuters.com:*:nL4N1Q32Z0 
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> 
 (Editing by Una Galani and Katrina Hamlin) 
 ((quentin.webb@thomsonreuters.com;)(Reuters 
Messaging:)(quentin.webb.thomsonreuters.com@reuters.net)) 
 
Keywords: LOTTE CHAIRMAN/BREAKINGVIEWS