Unprofessional Behavior
Shin Dong-joo, former vice chairman of Lotte Holdings in Japan, has announced that he would wage a legal battle on behalf of the Lotte Group. In response, General Chairman Shin Kyuk-ho of the Lotte Group in Korea strongly criticized him, saying, “He’s gone too far.”
A Lotte Group spokesperson said publicly on Oct. 8 right after a press interview with former Vice Chairman Shin, “Using General Chairman Shin, who is in poor health with old age, as a measure again, is an act that carries to excess.”
The group also stressed that the legal war will not be able to shake the control of the company.
A Lotte Group spokesperson said, “Chairman Shin Dong-bin properly won full control of the Lotte Group in Korea and Japan through the board of directors and stockholders’ general meetings according to Commercial Law. Therefore, the upcoming lawsuit will not make a big impact on the current situation.”
In regard to a claim that Former Vice Chairman Shin should succeed the control of the company according to the equity structure of Kojyunsya, a Japan-based packing company, he also said, “Due to the fact that Kojyunsya holds only a 28 percent stake in Lotte Holdings in Japan, it cannot affect the control of Lotte Holdings in Japan and Lotte Group in Korea and Japan. The fact is already confirmed in the shareholders’ meeting of Lotte Holdings held on Aug. 17.”
He raised a question over General Chairman Shin’s ability to think straight again, saying, “For General Chairman Shin Kyuk-ho joining the lawsuit and the effectiveness of the juridical decision, it is doubtful that it is his true intention, as it was also revealed in a dismissal order, recorded tapes, and video clips in July and Aug.”