Lotte Chairman Shin to Accelerate Moves to Have Overall Management under Control

As a court rejected an arrest warrant for Lotte chairman Shin Dong-bin requested by the prosecution early morning on September 29, Lotte Group employees heaved a sigh of relief, saying that they avoided the worst.   

“We will minimize damages to customers, partners and employees and implement mid- to long-term projects such as investment shrunken by the prosecution’s investigation by normalizing business activities as soon as possible,” the Lotte Group said.

In the future, the Lotte Group will emphasize that it is not rational to hold chairman Shin Dong-bin, the second son of Shin Kyuk-ho solely responsible as salaries for Lotte Group founder Shin Kyuk-ho, Shin Dong-joo, the eldest son of Shin Kyuk-ho, a former vice chairman of Lotte Holdings and Shin Yoo-mi, the youngest daughter of Shin Kyunk-ho and internal trading for Shin Young-ja, the eldest daughter of Shin Kyuk-ho and chairwoman of the Lotte Scholarship Foundation were decided when Lotte Group founder Shin Kyuk-ho was the chairman of the Lotter Group.

“Our group has many shortcomings. I will definitely eliminate them,” chairman Shin said on his way back to his home after the rejection of the warrant request. “We will make our group better.” Chairman Shin will fly into Japan soon and have overall group management under his control while blocking Japanese shareholders from being disturbed.