Shin Dong-joo seeks to oust brother from board in Japan

SDJ Corporation Chairman Shin Dong-joo [JOONGANG ILBO]

SDJ Corporation Chairman Shin Dong-joo on Tuesday said he submitted a shareholder proposal to dismiss his younger brother Shin Dong-bin from the board of directors of Japan-based Lotte Holdings at the upcoming shareholder meeting, scheduled to take place in June.

Shin Dong-bin, also Lotte Group Chairman, is the chief executive officer of Lotte Holdings. He became chairman of Lotte Holdings on April 1.

Shin Dong-joo, a former vice chairman of Lotte Holdings, argued his younger brother should take responsibility for damaging Lotte’s reputation after the Supreme Court last year upheld a lower court ruling that sentenced him over bribery.

This is the sixth time Shin Dong-joo proposed pushing Shin Dong-bin from Lotte Holdings.

“He [Dong-joo] is trying to raise his voice with 30 percent shares owned by himself and his allies,” said a spokesperson for Lotte Corporation. “He seems to be trying to have control over Japan-based Lotte, but that hadn’t worked out over the past several years.”

By Jin Min-ji