Personal Assets Exceeding 1 Trillion Won... Interest in 'Inheritance' Rises Following Shin Kyuk-ho's Passing

Domestic Equity Holdings Worth Approximately 300 Billion KRW
Real Estate and Japanese Subsidiary Shares Combined Exceed 1 Trillion KRW in Assets
No Separate Will...Inheritance Process Expected Through Family Consultation

[Asia Economy Reporter Choi Saeng-hye] As Shin Kyuk-ho, Honorary Chairman of Lotte Group, passed away on the 19th due to old age, his personal assets are estimated to exceed 1 trillion won, drawing increased attention to the inheritance issue.

According to Lotte Group on the 20th, as of the first quarter of this year, Honorary Chairman Shin held shares in listed companies in Korea such as Lotte Holdings (3.10%), Lotte Chilsung Beverage (1.30%), Lotte Shopping (0.93%), and Lotte Confectionery (4.48%), as well as unlisted company Lotte Property & Development (6.87%). According to securities firms, the value of Honorary Chairman Shin’s domestic shareholdings is known to exceed approximately 300 billion won.

He also owned real estate including a golf course site of 1,667,392㎡ in Moksang-dong, Gyeyang-gu, Incheon City. The land value is estimated to be around 450 billion won. In Japan, he held shares in unlisted affiliates such as Kwangyunsa (0.83%), Lotte Holdings (0.45%), LSI (1.71%), Lotte Green Service (9.26%), Family (10.0%), and Krispy Kreme Doughnuts Japan (20.0%), making his personal assets exceed 1 trillion won.

Since 2017, the management of Honorary Chairman Shin’s assets has been entrusted to the nonprofit organization Seon, which was appointed as his limited guardian (legal representative). Limited guardianship is a system that represents a person with diminished capacity for legal acts due to old age or illness within a certain scope. With Honorary Chairman Shin’s passing, the limited guardianship will end. If there is a will, the inheritance process will proceed accordingly. However, since it is known that Honorary Chairman Shin has not left a will so far, the inheritance is expected to be carried out through family consultations.

A Lotte Group official stated, "The issue of Honorary Chairman Shin Kyuk-ho’s assets will be handled according to legally prescribed procedures," adding, "Regardless of how the decisions are made, there is no risk of destabilizing Lotte Group’s governance or management rights."