Shin Dong-ju "Shin Kyuk-ho's Will Has No Legal Effect" Reacts

[Asia Economy Reporter Oh Ju-yeon] Shin Dong-joo, chairman of SDJ Corporation (former vice chairman of Japan Lotte Holdings), has opposed the will stating that the late Shin Kyuk-ho, honorary chairman of Lotte, designated his second son Shin Dong-bin as Lotte's successor 20 years ago, saying it has "no legal effect."

Shin Dong-ju, Chairman of SDJ, delivers a greeting on behalf of the bereaved family at the funeral ceremony of the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, held on the morning of the 22nd at Lotte World Tower in Jamsil, Songpa-gu, Seoul.

On the 24th, Chairman Shin Dong-joo stated in a press release, "The will itself does not meet the legal requirements set by law and therefore does not have legal effect as a will."

He explained, "The will is dated March 4, 2000, but the situation has significantly changed, including a lawsuit challenging the validity of the board resolution after Shin Kyuk-ho’s representative rights at Lotte Holdings were dismissed in 2015," adding, "It also contradicts statements made by honorary chairman Shin Kyuk-ho filmed in April 2016."

He also mentioned, "The contents of the will contradict the testimony of a person who served as honorary chairman Shin Kyuk-ho’s secretary for many years before the will’s date regarding the chairman’s intentions about his successor."

He raised doubts about the circumstances of the will’s discovery. He argued that it is unnatural that the will was found in a safe located in the office controlled by Japan Lotte Holdings (the safe inside honorary chairman Shin’s office) nearly five months after Lotte Group publicly announced to the media that no will existed following Shin Kyuk-ho’s passing. He pointed out that since the safe where the will was found is checked and recorded monthly, it is impossible for new contents to be discovered now.

On the same day, Lotte Group announced that a handwritten will was discovered in their Tokyo office while organizing the late Shin Kyuk-ho’s belongings. According to Lotte Group, the will, written in 2000, stated that Shin Dong-bin would be the successor of Lotte Group in Korea, Japan, and other regions after his death.

This content was produced with the assistance of AI translation services.