The Korea Herald

지나쌤

Lotte’s top executives head to Japan on motion to dismiss group chairman from board

By Yonhap

Published : June 28, 2018 - 19:29

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A delegation of senior Lotte Group executives headed to Japan on Thursday to meet with the heads of the conglomerate’s Japanese counterpart that is taking steps to fire the group’s chief from its board of directors.

Hwang Gag-gyu, vice chairman of Lotte Group, and three other senior executives of the conglomerate left for Japan, a day ahead of a shareholders’ meeting by Lotte Holdings. Shin Dong-joo, former vice chairman of Lotte Holdings, has proposed to dismiss Shin Dong-bin, his younger brother who won the sibling rivalry to become the head of Lotte Group, from the board.  

Shin Dong-bin (Yonhap) Shin Dong-bin (Yonhap)


Shin Dong-bin is currently serving a 2 1/2-year prison sentence for giving bribes to a confidante of ousted ex-President Park Geun-hye in return for business favors.

He has asked for a temporary release on parole to be able to speak for himself at the shareholders’ meeting, but he will likely miss the meeting as the court delayed its review of the request.

It would be the first time since the launch of Lotte Holdings in 2007 that Shin Dong-bin would skip the gathering.

The delegation from Seoul is carrying a letter from the group’s chairman to be delivered to the management of Lotte Holdings, company officials said.

“The motion for dismissal has been submitted, and the court has yet to decide on the parole with a day left to the shareholders’ meeting,” an official said. “The delegation left for Japan, judging that Chairman Shin will physically be unable to attend.” (Yonhap)