Hotel Lotte puts W6tr listing on hold amid bribery probe

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By Jonathan Breen
06 Jun 2016

Hotel Lotte Co has delayed the launch of its IPO, which could raise W5.7tr ($4.9bn), as it needs to file more documentation for the deal, it said on Friday — but the setback came just after the issuer’s offices were raided last week on accusations of bribery, according to sources close to the situation.

The company — part of conglomerate Lotte Group — announced on Friday (June 3) that it had postponed its IPO, bookbuilding for which was set to begin on Monday. Prosecutors raided the offices of its duty free operation, the largest part of its business, on Thursday as part ...

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