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Inside a Billionaire’s Plot to Overthrow His Brother

  • Son of founder plans to seize Korean retail giant Lotte Group
  • Younger brother has fought off previous coup attempts

Billionaire Shin Dong-joo has reason to be bitter. In the past couple of years, he’s been suspended by his father, fired by his younger brother and indicted on charges of embezzlement by South Korean prosecutors.

Yet the former No. 2 at Lotte Group says he’s confident he’ll clear his name in court, overthrow his brother as chairman and seize control of a business empire that generates more revenue than Google Inc. or Airbus Group. His plan is to take advantage of the group’s complex network of more than 70 cross shareholdings. If he can gain the votes of minority shareholders in one Japanese unit that binds the whole conglomerate together, he says he can effectively control the group.