Son demotes dad in battle for control of S. Korean retailer | Inquirer Business

Son demotes dad in battle for control of S. Korean retailer

/ 04:47 PM August 03, 2015

SEOUL, South Korea — A family battle for control of South Korea’s largest retailer has erupted in public after the group’s 92-year-old founder was demoted to a powerless role in the business by his youngest son.

Shin Dong-bin, 60, has been trying to solidify his control of Lotte group, which has businesses in South Korea and Japan, in the face of opposition from his older brother Shin Dong-joo, 61, and his father Shin Kyuk-ho, 92.

Shin Dong-bin on Monday said his brother and father’s attempt to sack him as chairman of Lotte had no legal standing.

In response to those maneuvers, Lotte Japan had earlier demoted Shin Kyuk-ho to honorary chairman. Lotte group’s Korea unit, controlled by the younger brother, said Shin Kyuk-ho was mentally challenged due to his age.

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TAGS: Business, lotte group, South Korea, succession

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