You're demoted dad, says South Korean mass retailer

2015-08-03 12:46
Lotte group Chairperson Shin Dong-bin speaks during a press conference at Gimpo Airport in Seoul, South Korea. (Ahn Young-joon, AP)

Lotte group Chairperson Shin Dong-bin speaks during a press conference at Gimpo Airport in Seoul, South Korea. (Ahn Young-joon, AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Seoul - A family battle for control of South Korea's largest retailer has erupted in public after the group's 92-year-old founder was demoted to a powerless role in the business by his youngest son.

Shin Dong-bin, aged 60, has been trying to solidify his control of Lotte group, which has businesses in South Korea and Japan, in the face of opposition from his older brother Shin Dong-joo, aged 61, and his father Shin Kyuk-ho, aged 92.

Shin Dong-bin on Monday said his brother and father's attempt to sack him as chairman of Lotte had no legal standing.

In response to those maneuvers, Lotte Japan had earlier demoted Shin Kyuk-ho to honorary chairman. Lotte group's Korea unit, controlled by the younger brother, said Shin Kyuk-ho was mentally challenged due to his age.

Read more on:    south korea

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.