Lotte Group Chairman Shin Dong-bin has relinquished his representative rights, leaving his co-CEO post of Japan's Lotte Holdings.<br /> Shin's resignation is expected to weaken ties between Lotte's businesses in South Korea and in Japan.<br />The move came after Shin was sentenced to two years and a half in prison last week over his role in an influence-peddling scandal involving former president Park Geun-hye.<br />Shin will, however, retain his title of vice chairman and position on the board of Japan's Lotte Holdings, with his Japanese co-CEO Takayuki Tsukuda to head the holding company.<br />Lotte Holdings is a top shareholder of Lotte Hotel, which controls Lotte Group's various South Korean businesses. <br />
