Lotte’s Shin Dong Bin to Apologize over Family Feud

kpopluv, Aug. 10, 2015, 10:09 a.m.


Shin Dong-bin, the head of the country's No. 5 conglomerate Lotte Group, is set to offer an official apology over a succession feud that has drawn flak for its murky governance structure, the group said Monday.

Dong-bin, who is currently fighting his elder brother Dong-joo and father-cum-founder Kyuk-ho, is scheduled to issue an apology Tuesday over controversial issues that have surfaced about the retail conglomerate, including its complicated ownership structure and corporate identity that traces its roots to Japan, it said.

"(Dong-bin) will convey a message in which he, as the person in charge of management, will voice regret over the recent crisis and apologize to the people of Korea, the shareholders and company employees," a group official said.

The message is also expected to include his will to swiftly normalize the embattled company as well as plans to prevent the crisis from further dragging down the country's sluggish domestic demand.

Since late last month, the retail behemoth that operates businesses ranging from luxury hotels to amusement parks, has been embroiled in a fight between the two brothers who are sparring to succeed the corporate empire which reaped 61 trillion won (US$52 billion) alone in sales in Korea last year.

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