October 23, 2018 / 3:12 AM / a year ago

S.Korea's Lotte Group to invest $44 bln over five years

SEOUL, Oct 23 (Reuters) - South Korean chemicals-to-retail conglomerate Lotte Group will invest a total of 50 trillion won ($44.05 billion) over the next five years, its holding firm said on Tuesday.

The group plans to invest about 12 trillion won in 2019, partly to expand facilities at chemical plants in South Korea, Indonesia and the United States, Lotte Corp said in a statement.

The investment plan comes after group chairman Shin Dong-bin was released from jail this month on a suspended sentence in a bribery case. At the time, Lotte promised to contribute to South Korea’s economy. ($1 = 1,134.9600 won)

Reporting by Ju-min Park

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