Shin Dong Bin, chairman of South Korea's Lotte Group, was ousted as a director of one of the conglomerate's key companies in a move “spearheaded by his disgruntled older brother amid a power struggle over control of the group,”
Bloomberg reported.
Shin Dong Bin, chairman of South Korea's Lotte Group, was ousted as a director of one of the conglomerate's key companies in a move “spearheaded by his disgruntled older brother amid a power struggle over control of the group,”
Bloomberg reported.
Shin was removed from the board of Lotte Holdings Co., an unlisted company that according to Bloomberg “is key to controlling Lotte Group because of its various stakes in group affiliates.” His elder brother, Shin Dong Joo, was named CEO of Kwang Yoon Sa, which is based in Japan is the largest shareholder of Lotte Holdings. Kwang Yoon Sa convened the meeting at which Shin Dong Bin was ousted, the article said.
In July, Shin Dong Joo had tried unsuccessfully to have his younger brother fired from Lotte Group, Korea's largest retailer, the Bloomberg report noted. Shin Dong Joo owns 50% and Shin Dong Bin owns 39% of Kwang Yoon Sa.
Recently, Shin Dong Joo and the 93-year-old patriarch, Shin Kyuk Ho, sued Lotte's chairman and the rest of Lotte Holdings' board. The suit sought to nullify a vote to move the patriarch to an honorary position, the article said. (Source: Bloomberg, Oct. 13, 2015.)
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