The rise of Shin Kyuk-ho was inextricably linked with South Korea’s journey from war-torn devastation to industrial prowess
BLACK LIMOUSINES with tinted windows blocked the street outside the funeral hall of the Asan medical centre in Seoul on January 21st. Endless rows of bouquets filled the corridors, with notes of condolence signed by the great and the good of South Korean business and politics. Journalists jostled to catch a glimpse of prominent mourners in dark suits filing through the parlour to deposit a single white flower each on the coffin inside.
. Many may have felt that they were marking the end of an era. Mr Shin, who had died two days earlier aged 98, was the last of the majorHis rise, like that of his peers at Samsung or Hyundai, was inextricably linked with the country’s journey from war-torn devastation to industrial prowess. Born in a village on the Korean peninsula’s south-eastern coast, Mr Shin did not plan to go into business.
Mr Shin grew his chewing-gum company into a Japanese-Korean leisure empire with an estimated $85bn in annual revenues, best known for its hotels and duty-free shops. Its rarefied moniker has not saved Lotte’s business from the same prosaic problems as other. Like many family-run groups, Mr Shin’s has faced allegations of corruption. He and Shin Dong-bin, his younger son, were sentenced to prison for embezzlement and other charges in 2018.
This looked settled when Shin Dong-bin ousted his father and older brother in a boardroom coup in 2015. But founders’ deaths can reignite filial power struggles, as happened at Hanjin Group when its founder died last year. Because Mr Shin left no will it is unclear who will inherit his stake in Lotte’s holding company and various affiliates. The younger son has fended off several attempts by his aggrieved sibling to regain control. He may need to limber up for another.
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