[Independence Day Pardon] Economic Groups Greatly Welcome Opportunity Provided by Lee Jae-yong's Restoration of Rights and Shin Dong-bin's Amnesty (Comprehensive)

Federation of Korean Industries, KCCI, KEF, KITA, etc.

Special Pardon Statement for Business Leaders on August 15 Liberation Day

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] Major economic organizations have consecutively expressed their welcome regarding the government's pardon and reinstatement of Samsung Electronics Vice Chairman Lee Jae-yong and the special pardon and reinstatement of Lotte Group Chairman Shin Dong-bin on the 12th.

On that day, the government carried out a special pardon for the August 15 Liberation Day and announced the list of 1,693 individuals included. Four business figures, including Vice Chairman Lee, Chairman Shin, Dongkuk Steel Chairman Jang Se-ju, and former STX Group Chairman Kang Deok-soo, were also included in the pardon.

First, the Federation of Korean Industries (FKI) issued a statement saying, "We greatly welcome the opportunity given for their return." The FKI said, "We greatly welcome the President's decision to grant businesspeople the opportunity to return to the management field through the Liberation Day special pardon."

It added, "Since this pardon reflects the public's demand for overcoming the economic crisis and making a 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 devote itself to active investment and job creation to meet the expectations of the people."

The Korea Chamber of Commerce and Industry (KCCI) and the Korea Employers Federation (KEF) also released similar statements.

The KCCI said, "We welcome the pardon and reinstatement of major business leaders through the Liberation Day special pardon, but we regret that the scope of the pardon was not broad," adding, "We believe those pardoned this time will fulfill their roles and responsibilities as entrepreneurs to overcome the economic crisis and continue the nation's future prosperity."

It further pledged, "The business community will take the lead in enhancing ethical values so that companies can gain more trust from the public."

The KEF also issued a statement saying, "We actively welcome the President's special pardon decision, which gave businesspeople the opportunity to return to the front lines of management and dedicate themselves to the national economy amid the national crisis caused by the global economic complex crisis and intensified hegemonic competition among major countries."

It explained, "We hope this pardon will serve not only the original purpose of revitalizing corporate investment to restore economic vitality but also become an opportunity to achieve national integration, a nationwide task."

It emphasized, "The business community will strive to overcome the economic crisis and secure future competitiveness through active investment and the creation of quality jobs, contribute to national interests such as supporting the bid for the 2030 Busan World Expo, and continue efforts to become companies loved and trusted by the people."

The Korea International Trade Association (KITA) also released a statement welcoming the pardon. KITA said, "The trade industry greatly welcomes the government's special pardon decision on August 15 Liberation Day to overcome our economic crisis and make a leap forward," adding, "The special pardon was a timely decision necessary to rally the capabilities of entrepreneurs and revive the economy at a critical juncture."

Vice Chairman Lee was sentenced to 2 years and 6 months in prison in 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.