Business circles and political sphere raise the need to resolve judicial risks for the economy
[Asia Economy Reporter Park Sun-mi] As the prison term of Samsung Electronics Vice Chairman Lee Jae-yong expires on the 29th of this month, attention is focused on the possibility of a special pardon that could lift his employment restrictions. With the Liberation Day (August 15) special pardon about two weeks away, Prime Minister Han Duck-soo mentioned that he would recommend a pardon for business leaders to President Yoon Suk-yeol, raising expectations for the resolution of Lee’s judicial risks.
According to the business community on the 30th, Lee Jae-yong was sentenced to 2 years and 6 months in prison last January for the state affairs manipulation case, and including the time he was detained at Seoul Detention Center during the early investigation, his prison term expires on the 29th of this month. However, even after completing his sentence, he is unable to engage in free business activities due to a five-year employment restriction.
Accordingly, ahead of the first special pardon under President Yoon’s administration?the August 15 Liberation Day special pardon?there is a growing atmosphere that the Ministry of Justice must finalize Lee as a candidate for a business leader pardon by the end of this month. Considering the schedule for the Ministry of Justice’s pardon review committee meeting and the Cabinet meeting resolution, it is expected that the candidate will be confirmed by the end of this month at the earliest, and practical work for the pardon will be completed in early next month.
Prime Minister Han recently stated during a National Assembly government questioning session that he would recommend to the president to actively consider pardons for business leaders such as Lee Jae-yong and Shin Dong-bin, Chairman of Lotte Group, in response to a question from Park Sung-joong of the People Power Party. As the presidential office begins serious deliberations ahead of the August 15 Liberation Day special pardon, Prime Minister Han’s direct recommendation for a business leader pardon adds momentum to the possibility of Lee’s pardon.
The business community unanimously agrees that resolving Lee’s judicial risks is urgent to boost South Korea’s economic vitality and firmly establish a super-gap position in semiconductor competition, especially amid the escalating global economic crisis and the semiconductor industry’s status as a national core strategic sector. Earlier, the heads of six major economic organizations?the Korea Chamber of Commerce and Industry, the Federation of Korean Industries, the Korea Employers Federation, the Korea International Trade Association, the Korea Federation of SMEs, and the Korea Association of Mid-sized Companies?met with Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho early last month to request consideration of pardons for business leaders including Lee.
Public opinion is also favorable toward Lee’s pardon. In the National Barometer Survey (NBS) jointly conducted by polling firms Embrain Public, K-stat Research, Korea Research, and Hankook Research from the 25th to the 27th among 1,006 men and women aged 18 and over nationwide, 77% supported Lee’s pardon, while only 19% opposed it.
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