[Independence Day Pardon] Muhyup "Welcome Special Pardon for Entrepreneurs... Hope for Economic Vitality"

Special Pardon on Liberation Day: Trade Association Issues Statement
Lee Jae-yong, Vice Chairman of Samsung Electronics, Shin Dong-bin, Chairman of Lotte Group, Included in Pardon List

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 Kim Pyeonghwa] The Korea International Trade Association (KITA) welcomed the selection of Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin as recipients of the government's special pardon for the August 15 Liberation Day.

In a statement released that day, KITA said, "The government has made this decision on the occasion of the August 15 Liberation Day to overcome the economic crisis and achieve a new leap forward," and expressed "great welcome for the special pardon."

KITA emphasized, "Amid the prolonged Russia-Ukraine war, escalating US-China conflicts, and expanding external uncertainties, combined with the triple challenges of high inflation, high exchange rates, and high interest rates, trade conditions are not easy," adding, "This special pardon is a timely decision necessary to unite the capabilities of businesspeople to revive the economy at a critical juncture."

They also added a request, saying, "We hope that business leaders will demonstrate leadership to secure export competitiveness and inject vitality into our economy in the second half of the year."

On the morning of the same day, the government announced that it would grant special pardons, sentence reductions, and reinstatements to 1,693 people as of the 15th, including low-income livelihood offenders, major business figures, labor-management officials, and specially considered prisoners, in celebration of Liberation Day. This first special pardon under the Yoon Suk-yeol administration included Samsung Electronics Vice Chairman Lee Jae-yong, Lotte Group Chairman Shin Dong-bin, Dongkuk Steel Chairman Jang Se-ju, and former STX Group Chairman Kang Deok-su.