Lotte confirmed the death of Vice Chairman Lee In-won, which comes after the group was subjected in June to the widespread corporate raids by government prosecutors investigating corruption allegations. Lotte Group says its vice chairman has been found dead as authorities widen a probe into corruption at South Korea’s fifth-largest business.
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According to police, Lee’s body was found on a walking trail in Yangpyeong-gun, Gyeonggi Province, at about 7 a.m. Police identified him by his business card and ID.
There are also reports that a lengthy suicide note was found in his auto, although the contents have not been officially released ahead of the autopsy while the investigation continues. He was reportedly the closest aide to group chairman Shin Dong-bin. We express our condolences to the deceased.
Amid snowballing rumors over his death, some industry officials and watchers suggested that Lee may have killed himself due to the pressure he faced during the prosecution’s investigation. The absence of Lee’s testimony will not jeopardize the investigation. Lee was scheduled to be questioned by prosecutors on Friday as part of their investigation into the company. Presently, Lotte’s employees are about 310, 000 people. He was widely seen as a man who knew every detail about the Lotte family’s alleged tax evasion, embezzlement and creation of slush funds.
Lee was the top lieutenant of chairman Shin Dong-bin, who last year saw off a bitter challenge from his older brother for control of the group founded by their 94-year-old father, Shin Kyuk-ho. “There are no slush funds at the Lotte Group”. It is not known for certain whether the note made any mention of the owner’s family.
Lee was also engaged in finding new growth opportunities for Lotte, the group said. Another suggestion is that Lee’s personal background may have also played a role in his decision. Shin Kyuk-ho later expanded the business to his home country when normalized diplomatic ties between Seoul and Tokyo enabled foreign business investments. It may be that Lee was simply unable to endure the mortification and the psychological strain caused by the very fact that he was to be questioned by the prosecutors. Many blame their rivalry for attracting the prosecutors’ attention.
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For now, prosecutors have said that they will reconsider the timeline of their investigations.
