Lotte Family's Shin Dong-ju Immediately Appeals After Losing Lawsuit to Remove Lotte Chairman Shin Dong-bin

[Asia Economy Reporter Jo In-kyung] Shin Dong-ju, chairman of SDJ Corporation and former vice chairman of Japan's Lotte Holdings, who lost a lawsuit in Japan demanding the dismissal of his younger brother Shin Dong-bin, chairman of Lotte Group, from the director position at Lotte Holdings, has appealed the court's decision.

According to the Japanese website "Group Demanding Normalization of Lotte Management" on the 14th, Kwangyunsa (Kojunsha·光潤社), where Chairman Shin Dong-ju is the largest shareholder, announced on the 10th that they are "immediately proceeding with the appeal process" regarding the lost dismissal lawsuit.

Kwangyunsa stated regarding the April 22 first trial ruling by the Tokyo District Court, which did not recognize the request for Chairman Shin Dong-bin's dismissal, that "unfortunately, this is a result that is extremely difficult to understand from the perspective of common sense for the general public and businessmen." They added, "Both the Japanese and Korean Lotte Groups are in a dire situation," and "We will continue to make efforts to overcome this situation."

The Lotte side also confirmed, "At the time of the loss ruling, Chairman Shin Dong-ju's side announced plans to appeal," and "They have actually filed an appeal."

Earlier, in July last year, Shin Dong-ju filed a lawsuit in Japan through Kwangyunsa demanding the dismissal of Chairman Shin Dong-bin from the director position. The claim was that a person who has been definitively convicted in relation to duties at Korean Lotte Group affiliates cannot be allowed to hold a director position at Japan's Lotte Holdings from a compliance management perspective. Shin Dong-ju is the representative and largest shareholder of Kwangyunsa, which holds a 28.1% stake in Japan's Lotte Holdings, making it the largest shareholder.

However, in April this year, the Tokyo District Court ruled that there was no disqualification for Shin Dong-bin's appointment as a director of Japan's Lotte Holdings. Although Shin Dong-bin had received a criminal judgment in Korea, the court ruled that since Japan's Lotte Holdings was fully aware of the related facts when appointing him as a director, there was no disqualification, and the appointment was not an illegal act, resulting in a ruling against the plaintiff.

However, since Shin Dong-ju has expressed his intention to appeal, the management dispute within Lotte Group remains likely to reignite.

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