Giant, Superman, Legend... Tributes from All Walks of Life on the Final Journey of the 'First Generation Entrepreneurs'

Lotte Group Chairman Shin Dong-bin and SDJ Chairman Shin Dong-ju are paying tribute with flowers to the portrait of the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, at the funeral ceremony held on the 22nd at Lotte World Tower in Songpa-gu, Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Lee Seung-jin] Shin Kyuk-ho, Honorary Chairman and founder of Lotte Group, regarded as the last of the 'first-generation founders,' has passed away at the age of 99. Chairman Shin built Lotte Group with his bare hands from the ashes right after World War II, growing it into the 5th largest business group in South Korea.

Thousands of mourners visited the funeral held over three days starting from the 19th to pay their respects to the late chairman. The mourners described Chairman Shin with words like giant, Superman, and legend as they bid him farewell on his final journey.

On the afternoon of the 20th, Lee Jae-hyun, Chairman of CJ Group, entered the funeral hall with the support of an employee while holding a cane in his right hand. Chairman Lee expressed his condolences, saying, "It is regrettable to lose a giant who greatly contributed to our country's economic growth and industrial development."

Okuno Sho (81), Chairman of Okuno Architectural Office and a 50-year friend of Chairman Shin, described him as "Superman." Chairman Okuno has maintained a relationship with Chairman Shin for 50 years, including participating in the design plan for Lotte Hotel located in Sogong-dong, Seoul.

Chairman Okuno said, "(Chairman Shin) had planned to build Lotte World in New York during his lifetime but was unable to realize it. He also intended to build Lotte World in Tokyo, but that project is currently on hold." He added, "If Lotte World had been built in New York, Lotte might have been making another global impact," sharing an anecdote about the late chairman.

Lee Myung-hee, Chairwoman of Shinsegae Group, a rival in the distribution industry, and her son, Vice Chairman Chung Yong-jin, also visited the funeral hall on the afternoon of the 21st to pay their respects. They spent about 45 minutes at the funeral, showing their respect for the deceased. Chairwoman Lee, who is a friend of Shin Young-ja, the eldest daughter of Chairman Shin and Chairwoman of the Lotte Welfare Foundation, said, "I really like Chairman Shin Dong-bin. We had many conversations."

In addition, numerous people from various fields including politics, economy, and sports, as well as second to fourth-generation owners such as Lee Jae-yong, Vice Chairman of Samsung Electronics, and Koo Kwang-mo, Chairman of LG Group, visited the funeral hall to accompany the late chairman on his final journey.

Shin Dong-bin, Chairman of Lotte Group, is moving at 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 21st. Photo by Kang Jin-hyung aymsdream@

The passing of Chairman Shin also served as an opportunity for estranged brothers to come together. In particular, attention was focused on the meeting between Shin Dong-joo, former Vice Chairman of Lotte Holdings Japan (currently Chairman of SDJ Corporation) and eldest son of Chairman Shin, and Shin Dong-bin, Chairman of Lotte Group.

It was the first time in about 15 months that the two were in the same place. Since their fallout over a management rights dispute in 2015, they had not met and engaged in sharp exchanges. Although the two maintained some distance throughout the funeral, they were seen exiting the elevator together. A Lotte Group official commented on the brothers' reunion, saying, "They are forming a connection."

Attention was also on whether the second younger brother, Shin Chun-ho, Chairman of Nongshim, would visit the funeral hall. Shin Chun-ho had distanced himself from Chairman Shin after defying his opposition and entering the ramen business in Korea. However, on the 19th, the day Chairman Shin passed away, Chairman Shin Chun-ho sent his two children to the funeral hall first, which was seen as a gesture of reconciliation. Due to health reasons, Shin Chun-ho was ultimately unable to visit the funeral hall himself.

The funeral schedule for Chairman Shin concluded with a farewell ceremony held at 7 a.m. on the 22nd at the Lotte Concert Hall in Lotte World Mall, Seoul. About 1,000 employees from Lotte Group affiliates attended. The hearse will circle Seoul Lotte World Tower before heading to the burial site in Ulsan. He will be laid to rest in his hometown, Seonyeong, Ulju-gun, Ulsan.