Japanese Media Give Prominent Coverage to Shin Kyuk-ho, Honorary Chairman of Lotte, on His Passing... "A Self-Made Figure"

Major international media including Bloomberg News also reported simultaneously

Foreign media: "The last figure among the first-generation founders who led the Miracle on the Han River"

[Asia Economy Reporter Kwon Jae-hee] Japanese media swiftly reported the news of the passing of Shin Kyuk-ho (photo), honorary chairman and founder of Lotte Group, on the 19th.

The Yomiuri Shimbun reported that honorary chairman Takeo Shigemitsu had passed away. Takeo Shigemitsu is the Japanese name of Honorary Chairman Shin.

Honorary Chairman Shin passed away at around 4:29 p.m. that day, watched over by family members including Shin Dong-bin, chairman of Lotte.

Kyodo News also delivered the news of Honorary Chairman Shin’s passing as a breaking news story that day.

Kyodo News recounted the process of Honorary Chairman Shin, who moved from the Korean Peninsula to Japan in the early 1940s and established Lotte, describing him as "a pioneering figure among Korean residents in Japan who left for Japan alone as a teenager and built a huge group in both Japan and Korea."

Furthermore, Kyodo News reported that Honorary Chairman Shin had close ties with Japanese political circles, including former Prime Minister Nobusuke Kishi, who was the maternal grandfather of Japanese Prime Minister Shinzo Abe and involved in Korea-Japan diplomatic relations, as well as former Prime Minister Yasuhiro Nakasone.

The Nihon Keizai Shimbun reported, "He built a massive conglomerate with sales of 10 trillion yen in both Korea and Japan," and "In professional baseball, he established teams in both countries."

It continued, "After World War II, seeing the popularity of chewing gum distributed by the U.S. military in Japan, he started manufacturing gum and founded Lotte Confectionery," and "He invested in Korea during its period of rapid economic growth with the funds earned in Japan." The newspaper evaluated that "Lotte Group has risen to become the 5th largest Korean conglomerate in terms of assets, spanning a wide range of businesses including department stores, hotels, corporate supermarkets, chemicals, and construction."

Major foreign media also gave significant coverage to Honorary Chairman Shin’s passing, highlighting his life.

Bloomberg News reported, "He was one of the first-generation founders who worked as a team with the government to rebuild Korea, which was devastated by war," and "This generation led the rapid industrialization known as the Miracle on the Han River."

Foreign media also reported on the difficulties Lotte Group faced, including allegations of management corruption, management disputes, and the deployment of the Terminal High Altitude Area Defense (THAAD) system that Honorary Chairman Shin was involved in during his later years.

AFP reported, "In 2017, Honorary Chairman Shin’s reputation was tarnished after being convicted of illegal activities." Bloomberg News said, "The management dispute among brothers worsened the company’s crisis."