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Trial Involving Lotte Group Founder's Two Sons Begins

Written: 2015-10-28 18:15:35Updated: 2015-10-28 19:48:24

Trial Involving Lotte Group Founder's Two Sons Begins

The Seoul Central District Court held the first hearing of a case involving Lotte Group founder Shin Kyuk-ho's two sons, currently locked in a bitter succession feud.

Lawyers of Shin Dong-joo, the elder son, said on Wednesday during the hearing that his client filed several legal suits against Lotte Group Chairman Shin Dong-bin, his younger brother, to gain access to the financial records of Lotte Shopping.

The plaintiff's lawyer claimed that Shin Dong-joo, as a major shareholder, filed the suit to assess and correct serious losses at Lotte Shopping’s Chinese units.

The Lotte Group chairman’s lawyer refuted the claims by citing that a request to see ledgers by a shareholder with malicious intent is restricted. He added that the plaintiff's true intention is aimed at blocking Lotte’s move to maintain the operating licenses of duty-free shops to effectively win back management of the group.

The next hearing is scheduled for 4 p.m. on December 2.

The two sons have been in the battle for control of Lotte Group since the elder brother was ousted from key posts at Japanese units in August.

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