LOTTE GROUP FOUNDER DIES OF OLD AGE

[Anchor Lead]

Lotte Group founder Shin Kyuk-ho passed away yesterday at age 98. His death marked the end of the first generation of South Korean business tycoons, which included the late Samsung founder Lee Byung-chul and Hyundai chair Chung Ju-young.

[Pkg]

Lotte Group founder Shin Kyuk-ho's condition started to deteriorate rapidly on Saturday. The business magnate, who had been in the intensive care unit due to old age, passed away at around 4:30 PM Sunday local time. He was 98 years old. His younger son, Lotte Chairman Shin Dong-bin, and other family members were by his side.

[Soundbite] (LOTTE GROUP OFFICIAL) : "Chairman Shin Dong-bin returned to Korea to see his father's last moment. He died peacefully with his family by his side."

Shin Kyuk-ho was born in Ulsan, South Korea in 1922. His chewing gum business was a huge success in Japan, paving the way for the creation of the Lotte Group. He founded Lotte Confectionery in South Korea in 1967 and turned it into the country's fifth largest conglomerate by branching out to hotel, distribution, chemicals, and construction businesses. He enjoyed incredible success but his later years were marred by family conflicts and legal issues. The group's corporate image was adversely affected when his eldest son, former vice chair of Lotte Holdings Shin Dong-ju, and younger son, the chairman of the Lotte Group, fought over control of the business empire. The Lotte founder was also tried for embezzlement and other corruption charges since 2017 and sentenced to three years behind bars in 2019. He wasn't actually imprisoned because of his old age and health issues. Shin's passing marks the end of the first-generation founders of South Korea's top five conglomerates, which includes Samsung Chair Lee Byung-chul, Hyundai founder Chung Ju-young, LG head Koo In-hwoi. The funeral will be a group-wide affair and the cortege is scheduled for Wednesday morning. A farewell ceremony will be held on the same day at his beloved Lotte World Mall.