S. Korea's troubled Lotte group scraps huge IPO amid probe

South Korea's Lotte Group said 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. The Seoul-based group, founded in Tokyo in 1948 by Shin Kyuk-Ho, has a vast network of businesses in South Korea and Japan including department stores, h