The Peninsula chaebol started by rescuing Samsung's little princess.

Chapter 526 The Situation Out of Control

Located on Olympic-ro in Songpa-gu, Seoul, South Korea, it is named after the nearby Seoul Olympic Stadium.

However, in addition to the Olympics making Seoul citizens proud, the Lotte Group headquarters is also located here, making them equally proud.

Clearly, they are treating Lotte Group as a company from their own country!

Little did they know that Lotte Group itself might not think so!

At this moment, in the conference room of Lotte Group's headquarters, all the major shareholders of Lotte Holdings gathered together and whispered among themselves.

The Shin Kyuk-ho family holds only 2.41% of the total shares in Lotte Group, which is very low.

The reason they were able to control the entire group, besides cross-shareholding, was primarily because they used Lotte Holdings to manage the Lotte Group.

It can be said that whoever controls Lotte Holdings controls the entire Lotte Group.

"What do you think is the meaning behind this sudden announcement from the president?"

"Who would have thought? The sudden announcement of the removal of Chairman Xin and several directors from their positions is truly unbelievable!"

"Could it be that Elder Xin has become senile?"

"Shh, be quiet. How dare you spout such nonsense?"

Actually, it's not surprising that they would have such speculations.

This morning, Lotte Group suddenly issued a document terminating Shin Dong-bin's position as vice chairman of Lotte Group. Several board members were also dismissed at the same time.

It is worth mentioning that these directors are all Shin Dong-bin's people.

If it were just Shin Dong-bin, it could still be attributed to normal personnel changes, but now, even a fool would know that this is an internal power struggle.

It can only be said that Master Xin was ultimately too impatient, thinking that he could achieve his goal in one fell swoop because he had his father's orders.

However, he overlooked the fact that even a rabbit will bite when cornered!

Just as they were discussing this, the meeting room door was suddenly pushed open, and Shin Dong-bin, who should have been dismissed, and the other directors walked in together.

If Shin Dong-joo were there, he probably would have stood up to stop them, but unfortunately he's still in Japan.

At this moment, everyone in the meeting room looked at Xin Dongbin, but no one stopped him.

Shin Dong-bin took the seat of honor without hesitation and began to speak:

"I am the one who convened today's emergency council meeting!"

I know you have all received the release order, and I'd like to make this statement here:

The dismissal order issued by Xin Dongzhu was not approved by the board of directors and is therefore legally invalid!

The reason I'm convening this council meeting today is also because of personnel changes.

My father, President Shin Kyuk-ho, is getting old and his health is no longer up to the task of being president. Therefore, I hope that through a vote by the board of directors, my father's position as president will be changed to honorary president.

Who's in favor, and who's opposed?

Upon hearing this, the entire meeting room fell into a deathly silence.

Everyone present thought they had misheard.

What's going on? The son dismissed his father from his post? This is a coup attempt!

Almost instantly, everyone perked up.

To their even greater surprise, when the meeting began to vote, the directors representing Rakuten Japan and the Shigemitsu family actually cast their votes in favor!

For the past two years, Xin Dongbin has been pushing for institutional reforms within the company.

He brought in a large number of professional managers to replace the company's veterans, which inadvertently gave him control of the entire company and sidelined Shin Kyuk-ho.

With the support of the Chongguang family, Shin Dongbin's proposal was actually approved!

This is really going to change the world!

"Bang!"

Shin Dong-joo rushed home and flung open the door to Shin Kyuk-ho's bedroom, forgetting to knock in his haste.

Just then, the servants helped Singh Ho into his wheelchair.

Shin Geuk-ho was somewhat displeased to see Shin Dong-joo enter in such a hurry.

"What's wrong? Why are you in such a hurry?"

"Father, something terrible has happened!"

Master Xin hurriedly came to Xin Gehao's side and said:

"That traitor Xin Dongbin just held an emergency board meeting and removed you from your position as chairman!"

"What?"

Sure enough, upon hearing this, Shin Kyuk-ho was also very surprised, and he almost fell off his wheelchair.

Fortunately, Shin Dong-joo reacted quickly and caught Shin Kyuk-ho in time.

Even so, Shin Kyuk-ho leaned weakly against his wheelchair, murmuring, "Unfilial son, unfilial son..."

As a ruthless man who built his empire from scratch, Shin Kyuk-ho never imagined that his son would betray him, and such a blow was undoubtedly enormous for him.

At this moment, Master Xin was afraid that his father might suddenly pass out, so he quickly comforted him:

"Father, please calm down. That scoundrel Xin Dongbin is rebellious, but you still have me!"

Our top priority now is to thwart his plot as quickly as possible!

"You're right. Wait, why did the council pass his proposal?"

Once he recovered, Shin Kyuk-ho's intelligence returned, and he immediately discovered the crux of the problem.

"The directors of the Chongguang family have chosen to support Xin Dongbin!"

"Chongguang..."

Upon hearing Xin Dongzhu's words, Xin Gehao immediately realized that Shigemitsu Hatsuko must have played a role in it.

"Let's go see her!"

When his father asked to see his mother, Xin Dongzhu finally felt relieved.

When Shin Dong-joo first learned of this, he was also flustered.

He thought the situation was settled, but he never expected that his younger brother would be able to make a comeback. What surprised him even more was that his mother would choose to support his brother.

For the past few years, I've been living in Japan with my mother. Shin Dong-bin only comes to Japan a few times a year. How come my mother supports him?

Shin Kyuk-ho and Shigemitsu Hatsuko had long been divorced, so Shin Dong-joo arranged for the father and son to go to Shigemitsu Hatsuko's residence together.

A distinctive Japanese garden. Shin Dong pushed his father's wheelchair into the house and saw his mother, Shigemitsu Hatsuko, sitting in the garden waiting for them.

"Mother, why did you do this?"

Upon meeting, Master Xin immediately asked.

"Shigemitsu Hiroyuki, I am your mother, how dare you speak to me like that?"

In response to Shin Dong-joo's questioning, Shigemitsu Hatsuko countered with her own question.

"When you supported my brother, did you ever remember that I was your son?"

Master Xin said bitterly.

Why?

At this moment, Shin Kyuk-ho interrupted Shin Dong-joo's questioning, sat in his wheelchair, and came to Shigemitsu Hatsuko to ask her a question.

The two had been husband and wife for nearly half a century, but now they were like enemies.

Is there love between the two?

Perhaps there are, but they are insignificant compared to the interests tied to the two individuals.

This is why, even though they are divorced, both of them still hold shares in the Lotte Group.

"You're getting old; eventually, you'll have to step down!"

Shigeguang Chuzi said calmly.

"Why Akio?"

Upon hearing his father's question, Shin Dong-joo perked up his ears.

"Akio is intelligent, quick-witted, and his leadership will greatly benefit Lotte's development!"

Shigemitsu Hatsuko replied.

"Mother, how come he's smarter than me?"

Xin Dongzhu felt that his mother was biased.

"Under his leadership, Peninsula Lotte's revenue now accounts for over 70% of the group's total revenue. Isn't that proof enough?"

"I……"

Shigemitsu Hatsuko's words left Shin Dong-joo speechless.

After all, the truth is the sharpest knife, stabbing Xin Dongzhu's heart with every blow.

Although Shin Dong-bin is indeed more capable than Shin Dong-joo, the huge gap in the development of the two companies is not entirely due to the two chairmen's abilities!

The main reason why Lotte Peninsula has developed so well is that it has benefited from the development of the peninsula.

As for Lotte in Japan, it came to a complete standstill during the thirty years that Japan lost.

Although there are various reasons, Shin Dong-joo cannot use this as an excuse.

"So, there's no room for negotiation on this matter?"

Shin Geokho then spoke again.

"You're getting on in years, stop arguing, just enjoy your remaining years!"

Looking at Shin Geuk-ho's defiant expression, Shigemitsu Hatsuko smiled.

Throughout his life, he had suffered many losses at her hands, but he never expected that she would actually get revenge before he died.

"Sigh... Hiroyuki, let's go!"

Upon hearing Shigemitsu Hatsuko's words, Shin Kyuk-ho said nothing more, sighed, and let Shin Dong-joo push him away.

"Father, but..."

Shin Dong-joo was clearly unwilling to give up like this; he still wanted to try, but then he saw Shin Geuk-ho's cloudy eyes.