LOTTE-GROUP/CLASH-NEWSER Elder son in Lotte founding family clash planning lawsuits

Record ID: 136600

  • Title: LOTTE-GROUP/CLASH-NEWSER Elder son in Lotte founding family clash planning lawsuits
  • Date: 8th October 2015
  • Summary: SEOUL, SOUTH KOREA (OCTOBER 8, 2015) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** ELDEST SON OF LOTTE GROUP, SHIN DONG-JOO, AND HIS WIFE, CHO EUN-JOO, WALKING INTO NEWS CONFERENCE ROOM JOURNALISTS SEATED AT NEWS CONFERENCE SHIN BOWING AND CHO STANDING NEXT TO SHIN AT PODIUM SHIN LOOKING ON (SOUNDBITE) (Korean) ELDEST SON OF LOTTE GROUP SHIN DONG-JOO'S WIFE, CHO EUN
  • Embargoed: 23rd October 2015 13:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVAF2VWY8GT18SAGBJU7LT3CFHLF
  • Aspect Ratio: 16:9
  • Story Text: The eldest son of Lotte Group conglomerate's founder Shin Dong-joo said on Thursday (October 8) he will represent his father and Lotte founder Shin Kyuk-ho, in suing his younger brother Shin Dong-bin and the board of directors of a key holding company that fired the father earlier this year.
    "The general chairman gave me (Shin Dong-joo) the letter of attorney with his signature on it and has empowered full authority including for legal action. Following my father's wish, I will institute a lawsuit and take necessary measures," Shin Dong-joo's wife Cho Eun-joo read from her husband's statement.
    "Through this process, I want to take back the general chairman's position and regain his impaired reputation. Also, it should be followed by the resignation of all executives who made the illegal decision," Cho added.
    Eldest son Shin Dong-joo has been locked in a bitter succession feud with his younger brother, Lotte Group chairman Shin Dong-bin, since July. The younger brother appeared to have gained the upper hand in August after receiving support from the holding company's shareholders.
    The lawsuits, planned in Japan and South Korea, will contest Lotte founder Shin Kyuk-ho's removal from key positions in Lotte Holdings, the statement said.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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