Whether
Lotte founder Shin Kyuk-ho has dementia has become a hot button in the Lotte drama that involves his two sons fighting over who should succeed him in the 90-trillion won conglomerate.
A source from
Shin Dong-joo’s side -- the older brother ousted from the Lotte helm by his younger brother -- revealed to the media earlier this week that the 92-year-old father had been taking medicine for dementia since 2010.
It was the first time in the Lotte Group’s prolonged family feud that the older brother had acknowledged the possibility of his father being mentally impaired.
When the family feud first broke out last year, Shin Dong-joo had claimed that Shin Kyuk-ho had chosen him to lead Lotte. Shin Dong-bin, the younger brother who eventually won control of the group, had disputed that claim, arguing that Shin Kyuk-ho had grown incapable of sound judgment in his old age.
Observers say the latest turn of events -- Shin Dong-joo revealing evidence disapproving his own claim on his father’s mental health -- could be a disguised attack on Shin Dong-bin amid a prosecutorial investigation into alleged embezzlement at Lotte.
If Shin Kyuk-ho is found to have been suffering from dementia, Korean prosecutors are likely to focus on Shin Dong-bin as being solely responsible for any wrongdoings found at the group, they said.
Following the revelation, the Shin Dong-joo-controlled SDJ Corporation said Wednesday that Shin Kyuk-ho had been prescribed medication for dementia but it was in a preventative capacity, not for treatment.
However, this claim was immediately refuted by local media as the drug prescribed to Shin Kyuk-ho was found to be Aricept, which is used to treat mild to moderate dementia caused by Alzheimer’s disease.
Questions also surfaced as to how Shin Kyuk-ho received prescriptions for Aricept. Since Shin Dong-joo took over his care last October, there have been no records of Shin Kyuk-ho visiting the hospital for a mental health diagnosis.
The Seoul Family Court is currently reviewing to determine the mental health of Shin Kyuk-ho at the request of Shin Kyuk-ho’s younger sister Shin Jung-sook. A decision on the need for a guardian for him is expected to be out on Aug. 10.
If the evaluation leads to Shin Kyuk-ho being assigned a guardian due to dementia, it is likely that the power struggle at Lotte Group will end in victory for current chairman Shin Dong-bin.
Shin Dong-bin has already confirmed his leadership through three shareholders’ meetings at Lotte Holdings in Japan, the holding company of Lotte Group.
The court battle over Shin Kyuk-ho’s mental state had even led to the founder being admitted to Seoul National University Hospital for a mental capacity evaluation.
By Won Ho-jung (
hjwon@heraldcorp.com)
