A representative of South Korea's Lotte Group said on July 30, “Lotte Group Founder Shin Kyuk-ho is having difficulties in moving and making judgments due to his old age.”
That statement was made in response to an interview by Shin Dong-joo, former vice chairman of Lotte Holdings Japan, to the Nihon Keizai Shimbun (Nikkei). It directly opposed the statements made until now, saying, “Chairman Shin Kyuk-ho is so healthy that he has reported to business every day.”
The Lotte Group of Korea chairman continued, “Nevertheless, Former Vice Chairman Shin Dong-joo had arbitrarily taken the General Chairman, who is aged and having difficulties in movement and judgment, and induced a verbal dismissal. The verbal dismissals were made without permissions or legal procedures.” Former Vice Chairman Shin Dong-joo visited Lotte Holdings of Japan with General Chairman Shin Kyuk-ho and other family members on July 27 and ordered the dismissal of six senior executives, including his younger brother Shin Dong-bin.
Shin Dong-joo, the former vice chairman, said in an interview on July 30 with the Nikkei business daily that his father had no problems in making decisions, and that is what General Chairman Shin Kyuk-ho decided. He also said that Lotte Group Chairman Shin Dong-bin provided distorted information about business to the general chairman. Lotte Group of Korea contradicted the statement, saying that it is totally untrue.