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Market Chatter: South Korean Police Raid Starbucks Korea HQ Over Promotion

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Authorities raided Starbucks Korea's Seoul headquarters on Wednesday over a May campaign accused of offending Gwangju uprising victims, Bloomberg News reported on Thursday.

Shinsegae (KRX:004170), which owns a controlling stake in Starbucks Korea, reportedly confirmed the raid took place without providing more details.

The raid follows a civic group's defamation complaint against Group Chairman Chung Yong-jin of Shinsegae, the parent of E-Mart (KRX:139480), the report said.

The alleged controversial promotion, which offered discounts on "Tank" tumblers around the uprising's anniversary, sparked boycott calls and a presidential condemnation, forcing executives to apologize, the publication said.

Starbucks Korea is 67.5% owned by E-Mart, Bloomberg said.

Shinsegae and E-Mart did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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