Lotte "No Confirmation if Chairman Shin Kyuk-ho Left a Will... Two Brothers Have Communication"

[Asia Economy Reporter Seungjin Lee] On the 20th, Lotte Group stated regarding whether Honorary Chairman Shin Kyuk-ho left a will related to inheritance, "We have not confirmed whether a will was left due to family relations."

On the afternoon of the second day of the funeral for Honorary Chairman Shin, the founder of Lotte Group, at the Seoul Asan Medical Center where the funeral hall was set up, Lotte Holdings Vice Chairman Hwang Kak-gyu made this statement. Vice Chairman Hwang is serving as the funeral committee chairman.

At a press conference, Vice Chairman Hwang avoided answering questions about inheritance by saying, "Those who inherit should discuss among themselves."

Regarding Honorary Chairman Shin’s emphasis on social contribution of his assets during his lifetime, Vice Chairman Hwang responded, "Since the family has lived more closely, I think they will discuss and speak about it," implying that the family understands Honorary Chairman Shin’s intentions better.

About the strained relationship between Lotte Group Chairman Shin Dong-bin and former Japan Lotte Holdings Vice Chairman (currently SDJ Corporation Chairman) Shin Dong-ju due to management disputes, Vice Chairman Hwang explained, "Since they are sitting side by side, wouldn’t they communicate?" He did not answer when asked if this meant the path to reconciliation had opened.

Additionally, Vice Chairman Hwang shared an anecdote about Honorary Chairman Shin. He said, "Looking back at what he said in the past, his favorite word was ‘challenge.’ He said, ‘Founding is creation. It is a challenge to overcome countless hardships. If you stop challenging, the company stops.’"

He continued, "When he visited Korea, he said he couldn’t just show the palaces," and explained, "Chairman Shin Dong-bin also did his best to fulfill the founder’s will, and thus the Lotte World Tower, which Korean citizens can enjoy, was built."

Honorary Chairman Shin passed away at 4:29 p.m. on the 19th at the age of 99. The funeral is being held as a group funeral to honor the founder of Lotte Group. The funeral procession will take place at 6 a.m. on the 22nd, and Honorary Chairman Shin will be laid to rest in his hometown, Seonyeong in Ulju-gun, Ulsan.