Shin Kyuk-Ho Leaves Hundreds Of Millions Behind After Death.
Shin Kyuk-Ho's net worth is worth several millions before his untimely passing. Here's how he built his fortune and what comes next for one of South Korea's wealthiest families.
Conglomerates are not new in South Korea. Five of the biggest companies in the country are controlled by families: Samsung, Hyundai Motor, SK, LG and Lotte. When Lotte founder Shin Kyuk-Ho passed away at 98 today, news about how his family can continue his legacy have started trending.
Shin Kyuk-Ho started Lotte in 1948 in Tokyo before moving to South Korea almost two decades after. According to (https://www.ft.com/content/ab4f9da4-3ab0-11ea-b232-000f4477fbca) The Financial Times , under his leadership, the company which started as a bubble gum maker has now expanded into a business empire which includes supermarkets, hotels, burger joints, theme parks, oil production, aluminum and chemicals.
One of his many achievements include building the tallest building in South Korea. The Lotte World Tower is 123 stories high and was built in Jamsil in 2017. Shin Kyuk-Ho claimed it was one of his dreams that came true. In 1987, after acquiring the land in Jamsil, he was quoted as saying, "We will build a skyscraper in Jamsil," as reported by (http://www.koreaherald.com/view.php?ud=20200119000204) The Korean Herald .
The Korea Chamber of Commerce and the Federation of Korean Industries has since recognized the efforts of the Lotte founder and his contributions to the economy. Lotte has been instrumental in helping fasttrack South Korea's revival after the devastating effects of the war in the 1960s.
In 2016, Shin Kyuk-Ho's net worth was estimated at 270.5 billion won ($234 million). He owns several properties which are worth several millions. The real estate assets are allegedly worth 305 billion won ($263 million) three years ago. Lotte assets alone sit on 5.7 million square metres of land, a 2016 (https://www.asiaone.com/business/look-5-richest-conglomerate-families-south-korea) Asia One reported.
His eldest son, Shin Dong-joo, heads different firms in South Korea. (https://www.forbes.com/profile/shin-dong-joo/#227bb31d57c6) Forbes reported Dong-joo's net worth at $915 million as of 2019. He has a sour relationship with younger brother Dong-bin, who now has the responsibility of leading the Lotte Group. The public spat often spooked investors and delayed several projects in the pipeline.
Other children are also leading their own firms. Shin Choon-ho leads Nongshim, a noodle company which makes world-renowned Shin Ramyun brand. Shin Sun-ho, on the other hand, owns noodle company Sansas in Japan. Shin Joon-ho, the youngest brother, is now chairman of Purmil.
The Lotte Group earns an estimated annual revenues of $86 billion, per (https://www.nytimes.com/2020/01/19/world/asia/lotte-shin-kyuk-ho-die.html) The New York Times.
|Printer friendly Cite/link Email Feedback|
|Publication:||International Business Times - US ed.|
|Date:||Jan 20, 2020|
|Previous Article:||GOP Claims AOC Working Harder To Seize Control Of Democratic Party.|
|Next Article:||SpaceX Prepares For Human Spaceflight After Successful Crew Dragon Test.|