By Kim Yoo-chul
Shin Dong-joo, the eldest son of Lotte Group founder Shin Kyuk-ho, said Sunday he will win the vote against his younger brother Dong-bin for control of the group at the upcoming shareholders’ meeting.
In an interview with KBS TV, he said he is confident he will get sufficient support from employee shareholders of the Japan-based Lotte Holdings, the holding company of the group, to reinstate his supporters at the board of directors.
“Employee shareholders are the second largest shareholder group of Lotte Holdings, following Kwang Yoon-sa (a paper company and the largest shareholder of Lotte Holdings). We can change board members with support from employee shareholders,” he said.
He said he will reinstate all the board members who were sacked for supporting him.
“I will also reinstate the former General Chairman Shin Kyuk-ho to the top executive post,” he said.
He added that the succession feud will continue as his younger brother will not back down.
“I met Dong-bin on July 6. He told me that this issue isn’t negotiable and stressed that this game is ‘winner-takes-all,’” Dong-joo said.
The group’s founder was very angry when he realized his younger son was responsible for 1 trillion won in losses at its units in China and Hong Kong, according to Dong-joo.
“My father asked Dong-bin to compensate all the losses,” Dong-joo said.
In the meantime, Dong-bin, chairman of Lotte Korea, is expected to return home today from Japan, according to group officials.
Dong-bin has been staying in Japan gathering support from shareholders for the crucial vote at the shareholders’ meeting.
A showdown over the leadership of the conglomerate is expected early this month and will determine who takes management control of the group.
Dong-bin meanwhile is expected to make a public apology for causing concern over the family dispute. He has been on the defensive recently because his father is said to support Dong-joo and plans to pass group control to his eldest son.
SBS, a national local broadcaster, released a recorded file of the founder Shin’s voice where he confirmed he didn’t support Dong-bin.
“As a founder, I offer my sincere apology about the feud. I just want to make clear that I didn’t name Dong-bin as chairman of Lotte Group Korea and Lotte Holdings Korea,” the founder said in the file handed to SBS by Dong-joo.