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.
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.
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.
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.
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. 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
What is Shin Dong-Bin’s net worth?
Shin Dong-Bin is a South Korean businessman who has a net worth of $900 million. Shin Dong-bin (Korean: 신동빈; Hanja: 辛東彬) is a Korean-Japanese businessman. He is the chairman and CEO of Lotte Group, one of the largest conglomerates in South Korea. He is the second son of Shin Kyuk-ho, the founder of Lotte Group.
In 1993, Shin Dong-bin was appointed CEO of Lotte’s Japanese operations. He oversaw a period of rapid growth for the company, and Lotte became one of the largest conglomerates in Japan. Shin Dong-bin was also instrumental in expanding Lotte’s operations into China and other Asian countries.
In 2010, Shin Dong-bin’s older brother, Shin Dong-joo, was removed from his position as CEO of Lotte Group. This led to a bitter feud between the two brothers, as they both vied for control of the company. In 2015, Shin Dong-bin was able to consolidate his control of Lotte Group, and he has been the chairman and CEO of the company ever since.
In addition to his business career, Shin Dong-bin has also been active in philanthropy. He is the founder of the Lotte Foundation, which provides scholarships to students from disadvantaged backgrounds. He is also a member of the World Economic Forum’s Young Global Leaders program.
Shin Dong-bin is a complex and contradictory figure. He is a successful businessman who has achieved great things, but he is also a man who has been accused of serious wrongdoing. His story is a reminder that even the most successful people are not immune to the human flaws of greed, ambition, and power.
Net Worth: $900 Million
Date of Birth: Feb 14, 1956 (67 years old)
Place of Birth: Tokyo, Japan
Profession: CEO of Lotte Corporation
Nationality: Japan (1956~1995), South Korea (1996~)
Early Life
Shin Dong-bin was born in Tokyo, Japan, in 1956. He is the second son of Shin Kyuk-ho, the founder of Lotte Group. His mother, Keiko Takeda, was a Japanese national. Shin Dong-bin has an older brother, Shin Dong-joo, and a younger sister, Shin Young-ja.
Shin Dong-bin attended Aoyama Gakuin University in Tokyo, where he studied economics. After graduating from university, he worked for Nomura Securities’ London branch for two years.
Early Career
In 1988, Shin Dong-bin joined Lotte Group, where he worked in a variety of roles, including as the head of Lotte’s U.S. branch. In 1993, he was appointed CEO of Lotte’s Japanese operations. He oversaw a period of rapid growth for the company, and Lotte became one of the largest conglomerates in Japan.
Succession Battle
In 2010, Shin Dong-bin’s older brother, Shin Dong-joo, was removed from his position as CEO of Lotte Group. This led to a bitter feud between the two brothers, as they both vied for control of the company. The feud came to a head in 2015, when Shin Dong-bin was able to consolidate his control of Lotte Group, and he has been the chairman and CEO of the company ever since.
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. A professional skier, Shin also serves as the Chairman of the Korean Ski Association and pledged 60 billion won to the PyeongChang Olympics.
Personal life
Shin is married to a Japanese woman named Ogo Manami, who is of aristocratic descent. The couple have three children, who all live in Japan. Both his office and his residence are located in Lotte World Tower, South Korea’s tallest building.
Legal Problems
In 2018 Shin Dong-bin was sentenced to 30 months in prison after being found guilty of charges of allegedly giving a bribe worth the equivalent of $6.5 million to a confidante of the former President of South Korea. The sentence was eventually suspended and reduced to time served.
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