The Lotte 'war of the princes,' expected to cool off, is now heading for a legal quagmire. Shin Dong-joo, the elder son of Lotte Group founder Shin Kyuk-ho, lost his management positions in a bitter family feud. Shin Dong-joo, however, said at a press conference, held on October 8, that he will sue his brother Don-bin, Lotte Group chairman.
At a hotel in Seoul, Shin Dong-joo, former vice chairman of Lotte Holdings, unveiled a warrant of attorney signed by his father and said: “My father gave me the full authority to sue Shin Dong-bin and other executives at Lotte Holdings. We’ve filed a lawsuit against Lotte Holdings in S. Korea and Japan.”
“My father Shin Kyuk-ho has already filed a lawsuit to regain his former posts, CEO of Lotte Holdings in Japan and General Chairman,” Shin Dong-joo argued “On July 28, Shin Dong-bin and six other Lotte Holdings board members ousted Shin Kyuk-ho from the posts of CEO of Lotte Holdings and General Chairman through illegitimate processes. On Thursday, I thus filed a lawsuit against the management of Hotel Lotte and Lotte Hotel Busan in Korea to seek reinstatement as well as compensation,” Shin Dong-joo said.
