SKorea’s troubled Lotte group scraps huge IPO amid probe

SEOUL: South Korea’s Lotte Group said on Monday it was scrapping an initial public offering worth almost four billion dollars amid a widening investigation into alleged embezzlement by its founding family.

Hotel Lotte—the group’s key unit—had planned to list shares worth at least 4.6 trillion won ($3.9 billion) on Seoul’s main stock market in July.