"Shin Dong-Bin Stole Lotte from Me" : Founder
"My Oldest Son Shing Dong-Joo Is My Successor," 94-Year-Old Founder Announces to Journalists in Seoul
Last July, the current Lotte Group Chairman Shin Dong-Bin ousted his own father and founder of Lotte Group, Shin Kyuk-Ho, and his older brother Shin Dong-Joo, then Lotte Holdings vice chairman from the Lotte Group as they attempted to strip Shin of his chairmanship.Earlier, the current Lotte Chairman Shin Dong-Bin, also known as Akio Shigemitsu in Japan, ditched his older brother against his father's intention and in his ambition to own and lead the two entities of the Lotte Group in both South Korea and Japan. This incurred the huge wrath of his father.While the founder and the oldest son were fighting against the current chairman to retain the rights to run Lotte Group, the current Chairman Shin and his Lotte Group officials argued in its news release that the founder's thinking ability is unstable because of old age, and that his oldest son is taking advantage of his father.
Prior to the press meeting with the journalists on the day, the oldest son demanded that Lotte Group immediately dismantle CCTV keeping an eny on the activities of the founder and stop disgracing the honor of the founder by saying "father is not normal mentally."Earlier the oldest son filed lawsuits against the current Chairman Shin Dong-Bin both in South Korea and in Japan to regain the control of Lotte Group.On Oct. 8, 2015 he held a press conference at Westin Chosun Hotel in Seoul in his efforts to announce the "truth" behind the ugly family feud in which a boardroom coup was committed.“For a long time, Dong-bin and I had our own roles in the company. However, Dong-bin has been greedy, and took over our (Dong-joo and father) roles illegally,” Dong-Joo argued in a statement in the press conference.Due to Shin Dong-Joo's lack of Korean language capability, his wife Cho Eun-Ju read the statement on his behalf in the conference.Who Is Shin Kyuk-Ho?The founder of Lotte Group, Shin Kyuk-Ho (Japanese name: Takeo Shigemitsu), was born on Oct, 4, 1922. He is a Korean businessman. He has led the Lotte group for nearly six decades until his second oldest son Shin Dong-Bin took it from him recently.Shin founded the Lotte Group in Japan in 1948. He was born in Ulsan, Korea in 1922. When in early 20s Shin went to Japan to study and earn money.Lotte grew from selling chewing gum to children in post-war Japan. It soon became a major multinational corporation with overseas branches in dozens of countries and products shipped worldwide.Lotte is now South Korea's fifth largest business conglomerate.Shin was impressed with Johann Wolfgang von Goethe's The Sorrows of Young Werther (1774) and named his company Lotte after the character Charlotte in the novel.
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