SEOUL, Jan. 19 (Korea Bizwire) — Shin Kyuk-ho, founder and honorary chairman of South Korean retail giant Lotte Group, died on Sunday of a chronic illness, the group said. He was 99. Shin died at about 4:30 p.m. at Asan Medical Center in eastern Seoul, the group said in a statement Lotte, which started as [...]
SEOUL, Apr. 4 (Korea Bizwire) — South Korea’s tallest skyscraper built by retail giant Lotte Group officially opened to the public on Monday, the group’s operating unit said, marking another milestone for the country’s fifth-largest business empire facing a slew of challenges. The opening ceremony of the 123-story Lotte World Tower was attended by top [...]
SEOUL, Sept. 8 (Korea Bizwire) – Prosecutors said Thursday they will question Lotte Group founder Shin Kyuk-ho at his office later in the day over a string of corruption allegations raised against the conglomerate. The Seoul Central District Prosecutors’ Office said because of Shin’s health issues, its officials will carry out the questioning of the [...]
“This crisis happened as we failed to put in many efforts to improve our governance structure and bolster corporate transparency during the group’s growth. We will resolutely reform the agendas that have raised concerns among the people of Korea, the government, our shareholders, employees and contractors.” “I will push for the listing of Hotel Lotte, [...]
SEOUL, Aug. 10 (Korea Bizwire) – Amid a succession feud between the two sons of Lotte Group founder Shin Kyuk-ho, which brought to light the problems of corporate governance in Korean conglomerates, several bills have been submitted to restrict an expedient way to inherit management rights, and to disclose corporate governance status more clearly. On August [...]
SEOUL, Aug. 6 (Korea Bizwire) — The heads of South Korea’s major business groups own puny stakes in their affiliates, but a complex cross-shareholding structure allows their families to exercise nearly uncontrolled power over the sprawling business empires, data showed Thursday. In South Korea’s business scene, a “group” does not refers to a legal entity, [...]
SEOUL, Aug. 3 (Korea Bizwire) — Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan. “It [...]
TOKYO/SEOUL, Jul. 28 (Korea Bizwire) — The board of directors of Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, voted Tuesday to sack the group’s founder as chief executive and general chairman, group officials in Seoul said, giving his second son control over the retail giant. At an emergency meeting, the [...]
SEOUL, March 17 (Korea Bizwire) – Sinkholes, dropping water levels at the nearby Seokchon Lake and frequent safety accidents at Korea’s tallest skyscraper have raised questions about its safety. To dispel concerns over Lotte World Tower, which is scheduled to be completed by the end of next year, Lotte Group is contemplating the establishment of a [...]