▲ Shin Dong-joo of Lotte
Shin Dong-joo, former vice chairman of Lotte Holdings and current chairman of SDJ Corporation, who is the elder brother of Lotte Group Chairman Shin Dong-bin, has once again failed in his attempt to return to the management of Lotte Holdings in Japan.
According to Lotte Corporation and representatives for the former vice chairman today (June 29), the proposal to appoint Shin as a director of Lotte Holdings was rejected at the company's annual general shareholders meeting held in Tokyo this afternoon.
In addition to his appointment, Shin also proposed amendments to the articles of incorporation to prohibit individuals convicted of criminal charges from serving as directors, as well as a motion to dismiss Chairman Shin Dong-bin.
However, these proposals were also rejected by the shareholders.
Shin, who previously served as vice chairman of Lotte Holdings, was dismissed from his position in 2015. Since 2016, he has attempted to return to management by submitting proposals for his appointment as a director to the shareholders meeting a total of 12 times, but has not succeeded.
Shin holds a 1.77% stake in Lotte Holdings, and Kojunsha, a company he represents, holds a 28.14% stake.
Shin was dismissed from his positions as a director at various Lotte Group companies in Japan starting in December 2014.
The grounds for his dismissal included his pursuit of the POOLIKA business—which involved unauthorized photography of product displays at retail stores to create and sell data for marketing purposes—despite opposition from the board of directors during his tenure as representative of Lotte Service.
Shin filed damages suits against some of the companies that dismissed him, but Japanese courts ruled that his dismissal was justified.
During the Lotte management dispute from 2015 to 2017, it was revealed during court proceedings that he had entered into advisory contracts aimed at obstructing Lotte Duty Free's acquisition of business licenses and causing the collapse of Hotel Lotte's initial public offering.
Although Shin sold all of his shares in Lotte's domestic entities, he purchased a 0.01% stake in Lotte Corporation for approximately 420 million won in August last year, which is required to file a shareholder derivative suit.
It is reported that Shin secured approximately 1.4 trillion won by selling his Lotte shares and has been using those funds to establish and operate a private equity firm in Singapore.
(Photo: Yonhap News)
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