"We hope that the current management, centering around Shin Dong-bin, will establish a stable management system, improve management based on law and order, and continue to push for a more transparent compliance," shareholders were quoted saying in a document released after a temporary shareholders meeting in Tokyo.

The document, which was translated from Japanese to Korean, was distributed by Lotte Group in Seoul.

In a separate statement, Dong-bin promised to fulfill the shareholders' request by making the group's management more transparent. He also drew a clear line between company issues and family matters.

"I believe management and family issues should not be confused.

A company should be operated on the basis of law and order," the younger scion said.

In Monday's shareholder meeting, participants were set to discuss agenda items such as hiring an external board of directors and improving the group's corporate governance structure. Both agenda items are part of a bigger reform plan proposed by Dong-bin in his national apology last week.

In addition to the conglomerate's history that traces its roots to Japan, its murky governance structure had unsettled consumers here, prompting the government to launch an all-out probe into Lotte.

Industry groups representing small businesses and some consumer and civic groups had even gone to the extent of organizing boycotts against the retail-focused conglomerate that heavily relies on consumers for most of its sales.

In efforts to allay nationwide fears, Dong-bin held a press conference last week, pledging to simplify the group's ownership structure and enhance corporate transparency. Separately, the group has also announced plans to increase employment in a gesture of chiming in to the government's drive to boost employment.

While the agenda items on the table are irrelevant to the management dispute, the fact that those agenda items were raised by Dong-bin have raised views that the result of the temporary shareholder meeting will indicate the younger son's prowess among group executives and shareholders.

Some watchers, meanwhile, said that while it is unlikely, it may be too early to rule out Dong-joo from the succession fight as he may use his stock holdings to attempt to replace key executives at the holding firm. (Yonhap)