In Front of Brothers Reunited After 15 Months... Lee Jae-yong Makes First Condolence Visit Among Business Leaders

<Mourning Visits at Chairman Shin Gyeok-ho's Funeral Hall>

Shin Dong-ju and Shin Dong-bin Brothers and Family Receive Visitors After Buddhist Ceremony
Estranged Shin Chun-ho, Nongshim Chairman, Absent Due to Age... Only Two Children Attend
Kim Sang-jo, Blue House Policy Chief, and Other Officials Expected to Pay Respects

Lotte Group Chairman Shin Dong-bin and Samsung Electronics Vice Chairman Lee Jae-yong are leaving the funeral hall set up for the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, at Seoul Asan Medical Center in Songpa-gu, Seoul, on the 20th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Lee Seung-jin] As Lotte Group founder and honorary chairman Shin Kyuk-ho passed away on the 19th, a steady stream of mourners has been visiting the funeral hall set up at Seoul Asan Medical Center. Not only the deceased’s eldest and second sons, who had grown distant due to past management disputes, but also his siblings, who had once been estranged over business issues, gathered to pay their respects.

In particular, it was the first time in about 15 months that the eldest son, former Vice Chairman of Japan’s Lotte Holdings Shin Dong-joo (currently Chairman of SDJ Corporation), and the second son, Lotte Group Chairman Shin Dong-bin, faced each other. Their last meeting was during the second trial verdict in October 2018 on charges of state affairs manipulation and management corruption against Chairman Shin Dong-bin. Since their management dispute in 2015, the two had not met and had engaged in sharp exchanges.

Former Vice Chairman Shin rushed to the hospital around 11 a.m. on the 19th after hearing the news late on the 18th that Honorary Chairman Shin’s health had rapidly deteriorated, flying in urgently from Japan. Chairman Shin, who was on a business trip in Japan, also hurried back on the afternoon of the 19th. Honorary Chairman Shin passed away at 4:29 p.m. that day, surrounded by family including his two sons.

Around 5 p.m. that day, Chairman Shin was the first to visit the funeral hall with a somber expression. Later, former Vice Chairman Shin visited the hall with his wife, Jo Eun-joo. Shortly after, former Vice Chairman Shin left the hall, followed by Chairman Shin, who then discussed funeral arrangements and shared conversations with family members.

Subsequently, a Buddhist funeral ceremony was held. Two monks struck wooden fish blocks and chanted sutras inside the funeral hall. The deceased’s family, including brothers Shin Dong-joo and Shin Dong-bin, attended. Afterwards, the two brothers jointly received mourners at the funeral hall and participated in the official funeral proceedings. It is reported that the brothers put aside their differences to discuss funeral arrangements following the passing of their father.

Shin Dong-bin, Chairman of Lotte Group, is entering the funeral hall of the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, set up at Seoul Asan Medical Center in Songpa-gu, Seoul on the 20th. Photo by Kang Jin-hyung aymsdream@

That night, the funeral hall was attended by the deceased’s wife Hatsuko Shigemitsu, his fourth younger brother Shin Jun-ho, Chairman of Purmil, his younger sister Shin Jung-sook, and Shin Dong-won, Vice Chairman and eldest son of younger brother Shin Chun-ho, Chairman of Nongshim. There was particular interest in whether Shin Chun-ho, who had been estranged from Honorary Chairman Shin for decades, would visit the funeral, but due to his advanced age of 88, only his two children came to the hall.

Shin Chun-ho, Chairman of Nongshim, had a falling out with Honorary Chairman Shin after helping with his Japanese business but defying his brother’s opposition to enter the ramen business in Korea. Following Honorary Chairman Shin’s instruction not to use the name “Lotte,” Shin Chun-ho changed the company name to “Nongshim” and maintained a distant relationship. Regarding this, a Lotte Group official explained, “Shin Chun-ho’s two children were the first to visit the funeral hall, and it seems Chairman Shin Chun-ho expressed his sorrow over Honorary Chairman Shin’s passing in his own way.”

At around 11:10 p.m. that night, when Hatsuko Shigemitsu and other family members left the funeral hall, Seo Mi-kyung, the biological mother of Honorary Chairman Shin’s youngest daughter Shin Yu-mi, also visited the hall with her elder brother Seo Jin-seok, former CEO of Yugi Development, and his wife, staying for about 30 minutes to pay respects.

On the 20th, the second day of the funeral proceedings, condolences from political and business figures continued. While former Vice Chairman Shin Dong-joo and Chairman Shin Dong-bin remained at the funeral hall, Samsung Electronics Vice Chairman Lee Jae-yong was the first business figure to visit in the morning. Lee stayed for about 10 minutes before leaving. Afterwards, former National Assembly Speaker Kim Hyung-o, CJ Group Chairman Sohn Kyung-shik, and Korea Chamber of Commerce and Industry Chairman Park Yong-man also paid their respects. Later that afternoon, Blue House Policy Chief Kim Sang-jo was scheduled to visit, with various dignitaries expected to come to the funeral hall.

The funeral is planned to be held as a group funeral to honor the founder of Lotte Group. The honorary funeral committee chairs are former Prime Minister Lee Hong-gu and former UN Secretary-General Ban Ki-moon. The funeral committee chairs are Hwang Kak-gyu and Song Yong-duk, CEOs of Lotte Holdings. After the funeral on the 22nd, a memorial service for Honorary Chairman Shin will be held at 7 a.m. at the Lotte Concert Hall on the 8th floor of Seoul Lotte World Mall.