Leading Indian newspaper says Lotte family feud threatens Korea‘s economy

Aug 12, 2015, 08:30 am

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Lotte Group Chairman Shin Dong-bin answers to reporters' questions after announcing his public apology and pledging to making the group's murky governance structure more transparent at a press conference held at Hotel Lotte in Seoul on August 11./Source from Newsis

By Ha Man-joo, India correspondent, AsiaToday - There are increasing voices of concern on Lotte Group's family feud threatening Korea's economy. On August 11, a leading Indian newspaper, the Business Standard (BS), published a column entitled, "Another family feud threatens Korea's economy" asserting that "Lotte's fiasco offers a perfect opportunity" for the government to promote economic reform.

William Pesek, a Bloomberg columnist who wrote this column, wrote, "The Shin brothers of Lotte are earning headlines as they brawl to succeed their 92-year-old father Shin Kyuk-ho." He criticized that this kind of sibling battle is Korea's endemic.

Pesek introduced Lotte Group sons' battle and presented a critical viewpoint on Korea's conglomerate-oriented economy. His post has a significant influence as it is published in the influential business magazines worldwide. In addition, other foreign media outlets have also reported the details of the Lotte scandal. This is why there are concerns that the scandal will damage the national economy, and even the national brand that the government has been boosting for.

Since this scandal is widely known in India, the situation is especially concerning as it could have a bad influence on Korean companies' image and their businesses in India.  

#Business Standard #William Pesek #Bloomberg #India #Lotte family feud 
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