[Invest&Law] Liberation Day Special Pardon... Business Community Watches Scale of Pardons for Business Leaders

Government Begins Selection Process
Many Business Leaders Previously Included
Attention on Whether the Trend Will Continue

As the government officially begins the process of selecting candidates for the Liberation Day special pardon, the business community is paying close attention to the scale of pardons for business leaders.

Ministry of Justice Building Yonhap News

According to sources in the business and legal sectors on the 30th, the Ministry of Justice has decided to convene a pardon review committee on August 7 to review and select the candidates who will receive special pardons on Liberation Day. Once the committee shortlists the candidates, the list will be sent to the presidential office, where President Lee Jaemyung will review and finalize the recipients and ultimately exercise the power of pardon.

Hyunbum Cho, chairman of Hankook & Company, was indicted on charges of embezzlement and breach of trust involving more than 20 billion won and was sentenced to three years in prison in the first trial in May. He is currently serving his sentence, but he is unlikely to be included in this special pardon due to not meeting the requirements. The Ministry of Justice only considers pardons for those whose sentences are finalized and who have served at least one-third of their sentence. Since Chairman Cho's appeal is still ongoing, he does not meet these criteria.

The business community is watching closely to see whether the long-standing association between the Liberation Day special pardon and business leaders will hold true this year as well. This is because a notably high number of business executives have had their sentences pardoned or their rights restored on Liberation Day in previous years. In the 2022 Liberation Day special pardon, pardons and reinstatements were granted to Chairman Lee Jaeyong, Chairman Shin Dongbin of Lotte Group, and Chairman Jang Saeju of Dongkuk Steel. In 2023, several business leaders were also pardoned, including Chairman Lee Joongkeun of Booyoung Group, Honorary Chairman Park Chankoo of Kumho Petrochemical Group, former Chairman Lee Hojin of Taekwang Group, and Chairman Lee Janghan of Chong Kun Dang. Last year, former CEO Lee Dongchae of Ecopro Group, Vice Chairman Jung Wonjoo of Jungheung Group, and former Chairman Choi Kyuok of Osstem Implant were also pardoned and returned to management.