[Public Voices] Welcoming the President's Pardons

President Yoon's Special Pardon: A Timely Measure
Leads to Increased Investment and Job Creation
Credit Pardons for Small Business Owners Also Welcomed

President Yoon Suk-yeol granted a special pardon for Lunar New Year on the 6th. Pardons aimed at national unity are an exclusive presidential prerogative. Five major business figures were included among the beneficiaries. This was a timely measure.

Six economic organizations, including the Korea Chamber of Commerce and Industry, expressed their welcome, stating, "As the pardoned businesspeople are now able to engage in normal business activities, this will not only accelerate their inherent roles such as investment and job creation but also serve as an opportunity to reaffirm the importance of compliance management and social responsibility."

The pardon of businesspeople has a significant effect in freeing them from the shackles of judicial risks, enabling free and swift economic activities. The M14 semiconductor plant in Icheon and the semiconductor cluster in Yongin were established after the pardon. This has led not only to induced investment but also to the creation of tens of thousands of new jobs.

Lee Joong-geun, chairman of Booyoung, who was pardoned, has already paid 7 billion won to 70 families, saying, "If employees have children, we will give 100 million won per child, and a house for the third child," addressing the low birthrate issue in our society. This is vivid evidence that society’s forgiveness of businesspeople is becoming a driving force for efforts that benefit the national economy, such as revitalizing the local economy and social contribution activities.

There are voices criticizing the pardon system, saying, "They receive pardons before the ink on the verdict dries." However, President Kim Dae-jung pardoned and reinstated 5.52 million people just 17 days after his inauguration. This was the highest number in history, and the record still stands.

On the 12th, a "credit pardon" was granted to 2.9 million ordinary citizens and small business owners. A credit pardon means that if debts are repaid within a certain period, the record of default is erased.

Some oppose this, fearing distortion of the credit system. While not entirely wrong, the positive aspects outweigh the negatives. When a credit pardon is granted, an individual's credit score rises, enabling them to obtain credit cards normally or switch to low-interest loans. Past dishonorable records are erased, allowing normal financial activities. This is welcome news for those who unintentionally failed to fulfill debts and temporarily bore a stain on their lives.

Lee Bok-hyun, Governor of the Financial Supervisory Service, said, "It helps ordinary citizens and small business owners in difficult situations return to normal financial life, and since it targets borrowers who have fully repaid, it also encourages debt repayment." According to a Financial Supervisory Service survey, the long-term delinquency rate of pardoned borrowers was 1.1 percentage points lower than that of non-pardoned borrowers. This means they have learned from their past experiences as credit delinquents.

American writer Paul Boese said, "Forgiveness does not change the past, but it does enlarge the future." Forgiveness can certainly be an energy for leap and development.

Those pardoned businesspeople and small business owners must respond with achievements. At a time when simultaneous geopolitical risks have become the norm, it is hoped that the pardon will serve as a breakthrough for the Korean economy and an opportunity to lay the foundation for social integration.

Choi Jun-seon, Honorary Professor, School of Law, Sungkyunkwan University