[Breaking] Shin Kyuk-ho, Honorary Chairman of Lotte, Passes Away

[Asia Economy Reporter Kwon Jae-hee] Shin Kyuk-ho, honorary chairman and founder of Lotte Group, passed away on the 19th at the age of 99.

Honorary Chairman Shin was born in 1921 in Ulsan, Gyeongnam, and founded Lotte Co., Ltd., the predecessor of Lotte Holdings, in Tokyo, Japan in 1948.

In Korea, he established Lotte Confectionery in 1967 and expanded his business into distribution, tourism, and chemicals, growing Lotte Group into the 5th largest company in the business world rankings.