The meeting was expected by industry watchers to be watershed of the group's management battle but it ended up only clarifying the dominant power of the chairman Shin.
His older brother and former vice chairman Shin Dong-joo, who is the largest shareholder of Kwangyoonsa, proposed this agenda but eventually failed to make the holding association of employees, which is the second largest shareholder, to his ally. The former vice chairman proposed the listing of Lotte Holdings prior to the meeting and planned to guarantee stock value of 2.5 billion won per person but nothing has worked.
Lotte Group said, "We identified the firmed support for chairman Shin Dong-bin," adding, "We have completed the management battle triggered by the former vice chairman."
"Shing Dong-joo should immediately stop the action to damage management rights and company value," the official said, adding, "Lotte would not tolerate any more actions to foster conflicts and take strong legal action."
Image source: Lotte