Anchor: The founder and honorary chair of Lotte Group Shin Kyuk-ho died Sunday at the age of 98. With his death, all first-generation founders of the country's major conglomerates, including Samsung, Hyundai, LG and SK, have now passed.
Our Bae Joo-yon has more.
Report: Lotte Group said in a statement that founder Shin Kyuk-ho passed away at about 4:30 p.m. Sunday after being hospitalized in Seoul for various age-related symptoms.
Shin founded Lotte as a small chewing gum manufacturer in Japan in 1948. His company would eventually develop a broad portfolio that today includes, among other things, retail stores, hotels, construction and entertainment.
Shin’s business acumen was sharp enough to help grow Lotte into South Korea’s fifth-largest conglomerate.
But the last few years of his life were marred by controversy due to a family feud for managerial control between his two sons, former vice chairman of Lotte Holdings Shin Dong-joo and Lotte Group Chairman Shin Dong-bin.
The family infighting would see Shin virtually withdraw himself from all management decisions.
Further, the Supreme Court last year upheld a lower court ruling and sentenced Shin to three years in prison and fined him three billion won for management irregularities, including embezzlement.
However, the court decided not to have him arrested given his old age and poor health.
Shin was the last living first-generation founder of the country's major conglomerates. Along with his death, the founders of Samsung, Hyundai, LG and SK have all passed.
Shin's funeral service will be held at 7 a.m. Wednesday at Lotte World Mall in southern Seoul, a venue which Shin had expressed particular fondness for.
Bae Joo-yon, KBS World Radio News.