Sixteen business figures, including former SK Networks Chairman Choi Sunghwon, will be granted exemption from their remaining sentences and have their rights reinstated through a special Liberation Day pardon by the Lee Jaemyung administration. Choi Jisung, former head of Samsung Electronics’ Future Strategy Office, and Jang Choonggi, former deputy head of the same office?both of whom were convicted in connection with the Choi Soon-sil state affairs scandal?are also included among those whose rights will be restored.
Chairman Choi Sunghwon of SK Networks, accused of embezzlement and breach of trust of company funds in 2021, is seen leaving the courtroom after the pre-trial detention hearing at the Seoul Central District Court in Seocho-gu, Seoul. Photo by Yonhap News
The government announced on the 11th that the list for the “80th Liberation Day Special Pardon” includes 16 business leaders. This special pardon is the first under the Lee Jaemyung administration and will take effect on the 15th.
A business community official commented, “Given that some individuals related to Samsung Group are included, it could be interpreted as an effort to encourage economic contributions.” In fact, Justice Minister Chung Sungho explained the rationale for the pardon, stating, “We decided to grant pardons to businesspeople, small and medium-sized entrepreneurs, and small business owners who have contributed to economic development, to give them a chance to participate in revitalizing the economy and to inject new vitality into the broader livelihood economy.”
Former Chairman Choi is the son of the late SK Group founder Choi Jonggun and the cousin of SK Group Chairman Chey Taewon. In May, the Supreme Court finalized a sentence of two years and six months in prison for Choi on charges of embezzlement and breach of trust. The court found him guilty of breach of trust for borrowing approximately 15.5 billion won from SK Telesys, an affiliate, to pursue a personal golf course business. With this pardon, the remainder of his sentence will be waived and he will be released.
Former Chief Choi and former Deputy Chief Jang were each sentenced to two years and six months in prison in 2021 for bribery and soliciting former President Park Geunhye and Choi Soon-sil (who later changed her name to Choi Seowon) to help with Samsung’s management succession and corporate restructuring. Although they were released on parole in 2022, their rights had not been restored until now.
Hyun Jaehyun, former chairman indicted in the “Tongyang Group incident,” will also have his rights reinstated. In 2013, Hyun was arrested and indicted for concealing Tongyang Group’s risk of default and issuing about 1.3 trillion won in short-term corporate bills (CP) and bonds through affiliates, causing losses to general investors. He was sentenced to 12 years in prison in the first trial, which was reduced to seven years on appeal and finalized by the Supreme Court. After his sentence was finalized, Hyun declared personal bankruptcy in 2016 and was released upon completing his term in 2021.
Park Inkyu, former president of Daegu Bank, will also have his rights restored. Park was indicted in 2018 for involvement in employee recruitment corruption, received a final sentence of one year and six months in prison, and was released upon completing his term in 2019.
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