KCCI: "Economic Criminal Penalty Reform Should Be Bolder and Faster"

Ruling Party and Government Announce Second Plan: Economic Sanctions Instead of Criminal Punishment
"Relieved That Many Business Community Concerns Are Addressed"

The business community has welcomed the government's and ruling party's announcement of the 'Second Plan to Rationalize Economic Criminal Penalties.'

On the 30th, the Korea Chamber of Commerce and Industry, in a statement issued by Kang Seong-gu, Head of the Economic Research Division, expressed support for the government and ruling party's announcement on rationalizing economic criminal penalties. Kang stated, "We are pleased that the plan includes converting criminal penalties into monetary responsibilities and addresses many issues that the business community has continuously raised, such as the Fair Trade Act and the Subcontracting Act."

Seoul Jung-gu Korea Chamber of Commerce and Industry Building. Korea Chamber of Commerce and Industry

He added, "We hope that the plan will actively reflect practical concerns felt at corporate sites, and to achieve the government's and ruling party's goal of improving 30% of criminal provisions within a year, the process must be carried out more boldly and swiftly than before."

According to the Second Plan to Rationalize Economic Criminal Penalties announced on this day, the focus is on reducing penalties to ease the burden of criminal punishment on business operators and prevent the excessive creation of ex-convicts. For example, the maximum fine imposed on a headquarters for unfair interference in franchise management will be increased from the current 5 billion won to 50 billion won, ten times higher. In cases of collusion, fines of up to 10 billion won will be imposed. If a mobile carrier fails to make efforts to prevent the leakage of location information, a fine of up to 2 billion won will be levied.