Lotte Group, a Korean conglomerate primarily known for its department stores, is proceeding with plans to take its hotel business public despite a government probe into the group's ownership structure.
Group Chairman Shin Dong-bin confirmed the listing plan on Monday, five days after the Fair Trade Commission said it intended to launch an investigation into the conglomerate’s complex ownership structure.
The FTC investigation of Lotte is part of a broader effort by Seoul to untangle a web of intersecting shareholdings and cross-investing among affiliates of family-controlled conglomerates, or chaebols as they are known in Korean.
The antitrust regulator has asked Lotte to hand over...
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