[Infostock Daily= Reporter Song Jeong-hoon] Shin Dong-joo, chairman of SDJ Corporation, the eldest son of Lotte Group honorary chairman Shin Gyeok-ho, the deceased has again demanded the dismissal of Lotte Holdings chairman Shin Dong-bin ahead of the regular shareholders' meeting of Lotte Holdings in Japan scheduled for June.
SDJ Corporation said that Shin Dong-joo submitted a shareholder proposal that included the dismissal of Shin Dong-bin's chairman Lotte Holdings and the change of the Articles of Incorporation to prevent the inauguration of a convicted director.
“Lotte Holdings has not taken responsibility for any of the people who were convicted and has not taken responsibility for the investigation and prevention of recurrence,” said SDJ Chairman Shin Dong-joo. “Even in this situation, Chairman Shin Dong-bin is in an incomprehensible state from the perspective of corporate compliance management and ethics, including his inauguration as chairman of Lotte Holdings and owner of Lotte Baseball Club in April this year.” Said.
Shin Dong-joo, chairman of, said this coming June that if the dismissal of the director is rejected at the general shareholders' meeting of Lotte Holdings, he plans to file a lawsuit demanding the dismissal of the director in the Japanese court in accordance with Article 845 of the Japanese Company Act.
Chairman Shin Dong-joo has argued that he has made a lot of efforts to stabilize the management of Lotte Group, including several attempts to make reconciliation with Chairman Shin Dong-bin and submitting a petition to the Supreme Court for Chairman Shin Dong-bin.
Shin Dong-joo submitted a proposal for the dismissal of Chairman Shin Dong-bin and his return to the board of directors at the Lotte Holdings shareholders' meeting held five times until 2018, when the management dispute began, but all were defeated.
An official of Lotte Holdings said that Shin Dong-joo, chairman of the company, proposed the same agenda several times in the past five years after he was dismissed for violating compliance management, but he did not receive the trust of shareholders and employees.
Reorter Song Jeong-hoon boxr@infostock.co.kr
