Shin Dong-bin

Shin Dong-bin (Korean: 신동빈; Hanja: 辛東彬; born February 14, 1956) is a Korean-Japanese businessman. He also has a Japanese name Akio Shigemitsu (Japanese: 重光昭夫, romanized: Shigemitsu Akio). As of 2012, he was CEO of the South Korean conglomerate Lotte Corporation and the Japanese Chiba Lotte Marines baseball team. He is the second son of Shin Kyuk-ho (Takeo Shigemitsu), founder and first CEO of Lotte and his Japanese wife. He is the younger brother of Hiroyuki Shigemitsu (Korean name Shin Dong-ju), CEO of the Japanese Lotte Group. He graduated from Aoyama Gakuin University with a B.A. in economics in 1977 and from Columbia University with an MBA.[2]

For the footballer, see Shin Dong-bin (footballer).
In this Korean name, the family name is Shin.
Shin Dong-bin
신동빈
Shin at the Asia Summit of World Travel & Tourism Council in Seoul, South Korea in September 2010
Born (1956-02-14) February 14, 1956
Tokyo, Japan[1]
NationalitySouth Korea (1996~)
Japan (1956~1995)
Alma materColumbia University (M.B.A.)
Aoyama Gakuin University (B.A.)
OccupationCEO of Lotte Corporation
SpouseOgo Manami
Children3
Parents
RelativesShin Choon-ho (uncle)
Shin Dong-won (cousin)
Korean name
Hangul
Hanja
Revised RomanizationSin Dong-bin
McCune–ReischauerSin Tong-pin

He started his career at Nomura Securities' London branch in 1980 and joined Lotte in 1988, when he started at Lotte Chemical. In 2011, he became Chairman of Lotte Korea. Upon taking control of the group, Shin embarked on a series of M&As, including the acquisition of Hi-Mart, Hyundai Logistics, The New York Palace Hotel, and the chemical arm of Samsung - Samsung Fine Chemicals and Samsung BP Chemicals.[3]

Shin was engaged in a number of disputes with his sibling, Shin Dong-ju, over the control of Lotte and gained control of the company after a long legal battle.[4][5]

On December 22, 2017, a Seoul district court handed down to Shin a two-year suspension of a jail sentence with embezzlement and breach of trust in October 2016.[6]

On February 13, 2018, Shin was sentenced to 30 months in prison after the Seoul Central District Court found him guilty of charges stemming from Lotte's decision to give ₩7 billion (US$6.5 million) to Choi Soon-sil, a confidante of former President of South Korea Park Geun-hye, in exchange for government favors in providing a license to operate duty-free stores.[7] On October 5, 2018, a South Korean appeals upheld Shin's conviction, but also agreed to suspend his sentence to time already served, thus setting him free.[8]

Philanthropic activities

Shin sits on the Board of Overseers of Columbia Business School. In 2013, he donated $4 million to the school to found the Shin Dong-bin fellowships.[9][10] A professional skier, Shin also serves as the Chairman of the Korean Ski Association and pledged 60 billion won to the PyeongChang Olympics.[11]

Personal life

Shin is married to a Japanese woman named Ogo Manami, who is of aristocratic descent.[3] The couple have three children, who all live in Japan.[3] Both his office and his residence are located in Lotte World Tower, South Korea's tallest building.[12]

References
  1. "Shin Dong-Bin Stole Lotte from Me" : Founder - The Seoul Times
  2. 重光昭夫（辛東彬）の名言 格言- 名言DB：リーダーたちの名言 retrieved 2014-06-05
  3. "The Investor". www.theinvestor.co.kr. Retrieved 2022-03-25.
  4. Auto, Hermes (2016-06-25). "Lotte Chairman beats back brother's third attempt at ouster | The Straits Times". www.straitstimes.com. Retrieved 2022-03-25.
  5. Jun, Kwanwoo (2018-02-21). "Lotte Group Chairman Resigns From Its Japanese Holding Company". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-25.
  6. "Seoul court hands down suspended sentence for Lotte chairman". CNBC. Reuters. 2017-12-22. Retrieved 2017-12-27.
  7. "Korean Tycoon Jailed in Bribery Case That Toppled a President". Bloomberg. 2018-02-13. Retrieved 2018-02-13.
  8. "South Korea's appeals court suspends Lotte Group chief's jail sentence".
  9. School, Columbia Business (2013-09-26). "Dong-Bin Shin '81 Donates $4 Million to the School". Newsroom. Retrieved 2022-03-25. {{cite web}}: |first= has generic name (help)
  10. School, Columbia Business (2013-11-26). "Dong-Bin Shin Fellowships Now Available". Newsroom. Retrieved 2022-03-25. {{cite web}}: |first= has generic name (help)
  11. "Lotte Chairman Shin Dong-bin donates million for PyeongChang Olympics". www.donga.com. Retrieved 2022-03-25.
  12. "Lotte chairman to shift to World Tower". www.theinvestor.co.kr. Retrieved 2022-03-25.
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