Hotel Lotte said to be pushing back roadshow schedule
Korean prosecutors raid Hotel Lotte last week as part of probe
Hotel Lotte Co., which had planned to begin meeting with potential overseas investors on June 6, is pushing back the roadshow with no new timetable in sight, the people saidon Saturday, asking not to be identified because the information is private. A Lotte Group spokesman confirmed the schedule is being adjusted and that prosecutors raided Hotel Lotte last week, though the representative declined to say whether the two events were connected.
For Lotte Group, a business empire with more than 100 trillion won ($85 billion) in assets, the investigation adds to the turmoil that’s plagued the Japanese-Korean conglomerate since last year, when a power struggle atop the founding Shin family erupted. The probe also comes as the hotel unit plans its IPO to raise as much as 5.7 trillion won, larger than any such deal completed globally this year and the biggest ever in Korea.
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