The Korea Herald

피터빈트

Lotte names 1st son as legitimate heir

By Korea Herald

Published : Feb. 10, 2016 - 16:55

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Lotte Group founder’s first son Shin Dong-joo released a video earlier this week in which his father named him as the legitimate heir of the retail giant operating both in Korea and in Japan, industry sources said Wednesday. He made the move amid the prolonged dispute over which son will inherit the company.

“Dong-joo is the heir in both Japan and Korea (as the first son). This is common sense (based on Confucianism). There will be no reliability if someone else takes the post,” the founder said in the video in Japanese.

Shin Dong-joo, eldest son of Lotte Group founder Shin Dong-joo, eldest son of Lotte Group founder

Last year, Shin’s second son, Dong-bin, took control of the nation’s fifth-largest conglomerate, pushing his older brother, Dong-joo, out of his positions in the group.

While Dong-joo has been claiming that his father chose him as the legitimate successor for the group, Dong-bin says that the founder is unable to make reasonable judgments due to mental health problems.

Last week, the 93-year-old founder walked into a court hearing to prove that he still remains healthy. Despite his appearance, the founder is expected to face an official medical examination to determine his mental health.

Details of the procedures to evaluate the founder’s health will be determined on March 9. (Yonhap)