family feudriven south korean retail giant vows reform
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Family feud-riven South Korean retail giant vows reform

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleFamily feud-riven South Korean retail giant vows reform

Lotte group chairman Shin Dong-Bin
Seoul - AFP

The head of South Korea's Lotte Group on Tuesday vowed a new era of corporate governance and transparency as he apologised for the family feud engulfing the beleaguered retail giant.

In an address broadcast live on television, group chairman Shin Dong-Bin also sought to deflect growing anti-Japanese sentiment surrounding Lotte, which was founded in Japan but does 80 percent of its business in South Korea.

Talking in accented Korean, the native Japanese speaker twice bowed deeply before the cameras in a show of contrition for the bitter and very public battle for corporate control that has pitted him against his father and elder brother.

"The current dispute has occurred as we have failed to make efforts to improve corporate governance and enhance transparency," Shin said.

"We will be bold in reform in order to address concerns held by the people of Korea, our shareholders, contractors and employees," he added.

At stake in the Lotte feud is control of a sprawling conglomerate with 80 units across Korea -- spanning retail, amusement parks, hotels and chemicals -- and total combined assets of around $90 billion.

Among other reforms, Shin said he would push for the public listing of Hotel Lotte, which effectively controls the Korean business, while also streamlining the group's complicated web of cross-holdings to enhance transparency.

"Lotte belongs to Korea," the chairman said, stressing that the group's Korean interests dwarfed the Japanese-based side of the business in terms of employee numbers and sales.

"There has been little flight of capital back to Japan," Shin said, adding that earnings made in South Korea had been ploughed back into the domestic business.

Lotte was founded in Japan in 1948 by Shin Dong-Bin's father -- South Korean-born Shin Kyuk-Ho, now 92 -- and grew from a seller of chewing gum to a confectionary giant. It expanded to South Korea after Tokyo and Seoul normalised relations in 1965.

The row within the Shin family has fanned the embers of the anti-Japanese public sentiment the group has long contended with in South Korea -- largely due to the family members' awkwardness with the Korean language.

The battle for control of the conglomerate has pitted Shin Dong-Bin against his father and his elder brother Shin Dong-Ju, with accusations of dirty tricks and attempted boardroom coups.

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

family feudriven south korean retail giant vows reform family feudriven south korean retail giant vows reform

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 21:30 2017 Wednesday ,01 November

New York Times’ third-quarter revenue up 6.1%

GMT 11:09 2017 Friday ,24 November

Berlin police seeking more missing John Lennon items

GMT 06:34 2017 Saturday ,09 December

Rockets down Jazz for eighth straight NBA win

GMT 23:25 2017 Thursday ,16 February

Pakistan adds 16 new fighter jets to its fleet

GMT 10:50 2018 Tuesday ,23 January

Saudi university to open driving school for women

GMT 03:31 2017 Saturday ,07 January

Sharjah launches award for refugee support
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle