Shin Dong-joo, the first son of Lotte founder Shin Kyuk-ho, unveiled a document signed by his father that the 93-year-old tycoon ordered the firing of his brother Dong-bin and six other board of directors at Lotte Holdings.

Dong-joo revealed the document during his interview with the public broadcaster KBS on Thursday after arriving in Seoul a day before to compete with his younger brother Dong-bin for the succession of the retail giant.

Dong-joo also claimed that through a separate document, he was reappointed the head of the Lotte operation in Japan.

From left: Lotte founder Shin Kyuk-ho, first son Dong-joo and second son Dong-bin (Yonhap)

"I think (my father) doesn't have any problem in making decisions as a chief executive," Dong-joo said during an interview, refuting Lotte Group's claim that the father has difficulties in making judgments.

Dong-bin’s aides have suspected that the first son used his aged father to fire six board members at Lotte Holdings, the de facto control tower of Lotte companies in Korea and Japan.

The attempt failed as Dong-bin declared the decision null and void and convened the board meeting to dethrone his father in Tokyo on Tuesday.

An industrial analyst said Dong-joo appears to have disclosed the document to prove that the firing of the board members including Dong-bin was made in accordance with his father’s will.
 
A senior Lotte Group official told Yonhap News that Lotte Holdings board room's firing of founder and general chairman Shin Kyuk-ho this week shows that Dong-bin has over half of the stakes in the holding firm, saying the upcoming shareholder vote will clear the situation.
 
The family wrangling has lifted Lotte's affiliates on the Seoul bourse on speculation that the brothers will raise stakes to win more votes. Lotte Shopping Co., a retail giant, jumped 13 percent over the past two days.

Lotte started off as a confectionery in Japan in 1948, and Shin established a confectionery unit in his home country in 1967 when renewed ties between Seoul and Tokyo enabled business investments.

Shin was born in the southeastern industrial city of Ulsan and married a Japanese woman.

Lotte has grown into a massive group that owns 74 affiliates in 20 countries with its annual revenue reaching more than 80 trillion won ($68.6 billion).

(From news reports)