South Korea: Continuing the confusing press reports coming out of South East Asia concerning the potential sale of South Korea’s Jinro ltd, the Lotte Group today denied that it had formed any consortium to buy the Soju maker.

On December 22 the South Korean press published reports that Lotte Group of Korea has agreed with Goldman Sachs of the United States and Asahi Breweries Ltd. of Japan to form a consortium to take over the bankrupt domestic alcoholic drink maker Jinro Ltd.

On December 23 it became apparent that these reports concerned the retailer group Lotte. However the company was reported by the AFX news agency as denying the story.

"The report is not true at all. We have not formed any consortium to take over Jinro," a group spokesman said. "Jinro's debt structure is so complicated that it's kind of impossible to bid for it."

23 December, 2003