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Bloomberg
Japan’s Supreme Court rejected an appeal by former Lotte Group executive Shin Dong-joo, who sought compensation for being ousted from posts in the retail-to-chemicals conglomerate, Yonhap News reported.
Shin, the eldest son of founder Shin Kyuk-ho, had sought $5.8 million over what he called his unfair dismissal as a board member at units of the company between December 2014 and January 2015, Yonhap said.
The ruling may help end a years-long feud between Shin Dong-joo and his brother Shin Dong-bin, current Lotte Group chairman, over control of a conglomerate with bases in South Korea and Japan.
The battle turned partly on disputes over their father’s intentions for who would run the company. It fed into a broader bribery and corruption scandal that led to convictions in South Korea of Lotte Chairman Shin Dong-bin, 64, and 96-year-old Shin Kyuk-ho.
Shin Dong-bin was freed in October 2018 after his 30-month prison term was suspended. Shin Dong-joo, 65, was acquitted in the case.
Lotte Holdings Co, the company’s Tokyo-based unit, has its annual shareholder meeting scheduled for June 26, where Shin Dong-joo is expected to demand his return to the board, Yonhap said.