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[Alpha Biz=(Chicago) Reporter Paul Lee] Shin Dong-joo, chairman of SDJ Corporation, the eldest son of Lotte founder Shin Kyuk-ho and older brother of Lotte Group Chairman Shin Dong-bin, lost the vote at the shareholders' meeting of Lotte Holdings in Japan.
According to Lotte and SDJ Corporation on the 28th, Lotte Holdings held a regular shareholders' meeting in Tokyo to reject the appointment of its board of directors proposed by Chairman Shin Dong-joo. On the other hand, Lotte Group of Korea approved the proposal for the dividend of surplus and the appointment of six directors.
Shin Dong-joo is the CEO of Kwangyoon Corporation, the largest shareholder of Lotte Holdings. In addition to his appointment as a board member of Lotte Holdings ahead of the shareholders' meeting, Chairman Shin Dong-joo submitted a proposal to change the articles of association banning those who have proven criminal facts from taking the board.
Chairman Shin Dong-joo has rejected all proposals made by a total of nine shareholders' meetings since 2016. Chairman Shin Dong-joo said, "We will continue our efforts to correct the management system of Korea-Japan Lotte Group in the future."
Shin Dong-joo was dismissed from the board of directors of Lotte Holdings from December 2014 to January of the following year. It has been revealed that he later filed a compensation suit against the company and pushed ahead with the Pulika project, which is based on the use of illegally collected videos, despite opposition from directors during the trial process. For this reason, Lotte Holdings executives are said to distrust Chairman Shin Dong-joo.
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