Chairman Shin Dong-bin Retains Management Grip over Korea-Japan Lotte Group
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Chairman Shin Dong-bin Retains Management Grip over Korea-Japan Lotte Group
Wins vote showdown with former Japan Lotte Holdings Vice Chairman Shin at a recent Japan Lotte Holdings shareholders’ meeting for fifth time since August 2015

26(Thu), Jul, 2018




Lotte Group Chairman Shin Dong-bin.



Lotte Group Chairman Shin Dong-bin reconfirmed his firm “one-top” management grip over Korea-Japan Lotte Group by winning another vote showdown at the Japan Lotte Holdings shareholders’ meeting.
Former Japan Lotte Holdings vice chairman Shin Dong-ju suffered a setback as he failed in a bid to recapture management rights from his younger brother and Lotte Group Chairman Shin Dong-bin, now in prison. Lotte Group managers heaved a sigh of relief over the outcome of the shareholder meeting, since the outcome was up in the air.
Japan Lotte Holdings convened a regular shareholders’ meeting at its headquarters in Shinjukyu, Tokyo, on June 29 and turned down both a proposal to dismiss Lotte Group Chairman Shin and Vice Chairman Dakayuki Tsukuda and another to install former Japan Lotte Holdings Vice Chairman Shin to become a member of the board of directors. Former Japan Lotte Holdings Vice Chairman Shin submitted the two proposals to the shareholders and failed to win a majority of the votes.
Major shareholders and stakeholders of Japan Lotte Holdings, including ex-Japan Lotte Holdings Vice Chairman Shin, Vice Cahiramn Tsukuta, Senior Executive Vice President Masmoto Gobayashi, and Senior Executive Vice Prsident Gatshumi Gawai, participated in the shareholders’ meeting. Japan Lotte Holdings side received a briefing from executives from Korea Lotte who participated in the meeting on behalf of Lotte Group Chairman Shin. Lotte Group Vice Chairman Hwang Gak-kyu read a personal letter from Lotte Group Chairman Shin on behalf of the chairman.
Lotte Group Chairman Shin and former Japan Lotte Holdings Vice Chairman Shin have clashed in showdowns at five shareholder meetings since August 2015, when a management feud boiled over. The latest faceoff was significant to Lotte Group Chairman Shin, who failed to attend the shareholder’s meeting due to his incarceration.
On the other hand, chances are low that former Japan Lotte Holdings Vice Chairman Shin could regain management rights. According to analysts, former Japan Lotte Holdings Vice Chairman Shin was in charge of Japan Lotte for about 30 years, but he failed to yield tangible management outcomes and so he lost trust from shareholders.
Lotte Group is suffering a management vacuum caused by absence by Chairman Shin, who is pending an appellate court ruling. Chairman Shin’s wining the latest showdown at the Japan Lotte Holdings shareholder meeting is expected to see its corporate restructuring go ahead with the upcoming listing of Hotel Lotte in Seoul and its affiliation into the group.
Lotte Group Chairman Shin has been confirmed to gain deep trust from Japan Lotte Holdings shareholders and executives and staff members despite the stark reality of his absence, a Lotte Group official said. Lotte Group is still grappling with a management vacuum, caused by the chairman’s absence, and the group will strive to ensure the implementation of projects in Korea and Japan without interruption, he added. Japan Lotte Holdings and its other Japanese affiliates currently own a large stake in the group’s core Korean businesses, like Hotel Lotte and Lotte Property & Development.




A view of the Lotte World Tower in Jamsil, southeastern Seoul. (Photos: Lotte Group)



   
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