February 21, 2018 / 9:22 AM / 3 months ago

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

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.

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)

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