[Independence Day Pardon] FKI Welcomes Lee Jae-yong's Reinstatement and Shin Dong-bin's Amnesty as a Great Opportunity for Return

Commentary on Special Amnesty for Businesspeople on Gwangbokjeol

Lee Jae-yong, Vice Chairman of Samsung Electronics, who was referred to prosecution on charges including accounting fraud and unfair merger, is attending the continuation of the first trial held at the Seoul Central District Court in Seocho-gu, Seoul on the 12th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Moon Chaeseok] The Federation of Korean Industries (FKI) issued a statement on the 12th welcoming the reinstatement of Samsung Electronics Vice Chairman Lee Jae-yong and the special pardon and reinstatement of Lotte Group Chairman Shin Dong-bin, saying, "We greatly welcome the opportunity given for their return."

On the same day, the government carried out a special pardon for the August 15 Liberation Day and announced the list of 1,693 individuals included. Business leaders such as Vice Chairman Lee and Chairman Shin were also among those pardoned.

The FKI said, "We greatly welcome the opportunity given by the President through the Liberation Day special pardon for business leaders to return to the management field."

It added, "Since this pardon reflects the public's demand for overcoming the economic crisis and a new leap forward, the business community will do its utmost to overcome the economic crisis and contribute to national economic development based on the entrepreneurial spirit of serving the country through business."

It also stated, "The business community pledges to actively engage in investment and job creation to meet the expectations of the people."

Vice Chairman Lee was sentenced to 2 years and 6 months in prison for the so-called 'state affairs manipulation case' and was paroled in August last year. Chairman Shin was sentenced by the Supreme Court in 2019 to 2 years and 6 months in prison with a 4-year probation for charges including the state affairs manipulation case and breach of trust in business operations.