Lotte Group founder Shin Kyuk-ho, who passed away in January, made a will. The will calls for Chairman Shin Dong-bin to be his successor.
Lotte Group said on June 24 that it found a will written 20 years ago in the safe of its Tokyo office in the process of sorting out Shin's belongings.
The will said that the heir apparent of Lotte Group in Korea, Japan and other regions would be Shin Dong-bin, according to the group.
The will was written and signed by Honorary Chairman Shin in March 2000 and kept in an office safe in Tokyo, and was found while cleaning up the office and belongings that had been delayed due to the outbreak of a new coronavirus infection (COVID-19) after Honorary Chairman Shin's death.
The will was opened in a Japanese court this month with all the representatives of the four children, the legal heirs.
"It has been confirmed that Lotte Group's successor will be Shin Dong-bin and that his descendants are asked to cooperate for the development of Lotte Group," Lotte Holdings said.
Chairman Shin Dong-bin delivered the message to executives of Lotte Group in both Korea and Japan in the form of a video conference after the shareholders' meeting and board meeting of Lotte Holdings in Japan.
Introducing the contents of the will, Shin said, "I feel more and more responsible," adding, "I will make efforts for the development of the group and the tomorrow of all Lotte Group employees in accordance with the founder's will."
This is the first time that honorary chairman Shin Kyuk-ho's will has been found, and Lotte Group is attaching meaning to the fact that the time of writing the will is when honorary chairman Shin Kyuk-ho is normally participating in management.
There was a controversy over Shin's mental health at the time when the fraternal conflict over the succession issue was acute in the late years of Shin's presidency.
