In brief

Lotte Confectionery founder dies

By Anthony Myers contact

- Last updated on GMT

Lotte Confectionery was established by Shin in 1967 in South Korea. Pic: Lotte Group
Lotte Confectionery was established by Shin in 1967 in South Korea. Pic: Lotte Group

Related tags: Lotte, Gum

Lotte Group officials say Shin Kyuk-ho died on Sunday in a hospital in Seoul.

‘Chewing gum tycoon’ Shin Kyuk-ho, the founder and honorary chairman of retail giant Lotte Group, has died of a chronic illness aged 99.

Shin established Lotte Confectionery in 1967 in South Korea, before expanding the business in other areas such as chemicals, construction and retail.

His reputation was tarnished in later years when he was convicted in 2017 of professional malpractice and embezzling from the firm to benefit his relatives.

The tycoon, who by then was in a wheelchair, was sentenced to four years but was spared prison on health grounds.

His legacy was further overshadowed by a feud between his two sons - Dong-joo and Dong-bin - over who would take control of the group. Dong-bin officially became the successor to his father after defending a series of attempts by his elder brother to take charge.

Lotte is one of the largest of the South Korean family-run 'chaebol' conglomerates, responsible for the country's economic growth – with close ties to politicians and alleged opaque business practices.

Related topics: Manufacturers, Candy, Lotte

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