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Lotte founder’s mental capacity in dispute as succession battle heats up

A bitter succession battle at South Korean-Japanese conglomerate Lotte Group escalated on Thursday with the founder’s sons sparring over their father’s mental capacity and who is most likely to gain control of a key holding company.

Last week, the younger son of 92-year-old founder Shin Kyuk-ho gained the upper hand in controlling Japan-based Lotte Holdings, sacking his father as co-CEO after he flew in with the eldest son to dismiss the board.

But whether younger son Shin Dong-bin will be able to maintain his grip on Lotte Holdings is uncertain as his father has a large stake in the company and appears to have switched his allegiance to his older brother who was fired from the holding firm in January.

(Source: CNBC)