"Strengthening Internal Systems to Prevent Recurrence"
The Korea Chamber of Commerce and Industry (KCCI) has issued an official apology after it sparked controversy by citing unverified external statistics in a recent press release on inheritance tax. This came just one day after President Lee Jaemyung strongly condemned the material as an "enemy of democracy" and "deliberate fake news."
On the 7th, KCCI released an apology, stating, "We deeply apologize for having caused unnecessary confusion by citing external statistics related to the outflow of high-net-worth individuals without sufficient verification in the press release titled 'Forecast Analysis of Inheritance Tax Revenue and Study on the Effects of Diversifying Payment Methods,' which was distributed on the 3rd."
It went on to say, "To prevent a recurrence of such cases in the future, we will thoroughly verify the facts and the accuracy of statistics when preparing materials, based on a strong sense of responsibility," adding, "We will also be more cautious by reinforcing our internal systems so that these matters can be checked objectively."
It has been reported that Choi Taewon, chairman of KCCI, instructed the organization to prevent similar incidents from happening again in relation to this controversy.
Earlier, KCCI distributed a press release citing research findings by the UK immigration consulting firm Henley & Partners, stating that 2,400 high-net-worth individuals left Korea last year, double the number from the previous year, placing Korea at the fourth-highest level in the world.
However, as criticism emerged at home and abroad that the statistical methodology of the survey was opaque and its reliability low, the controversy intensified. On the afternoon of the very day the material was distributed, KCCI requested that it not be cited, saying, "There are limitations to citing this material as academic or official statistics," but the backlash did not subside.
On the 7th, President Lee raised the level of his criticism by sharing a newspaper column on X (formerly Twitter) that addressed the controversy. He said, "It is unbelievable that KCCI, an official body established by law, would publicly engage in such conduct," and defined "deliberate fake news that seeks to cloud the judgment of the sovereign people" as "an enemy of democracy." He also signaled a strong response, stating, "We must hold them strictly accountable and establish mechanisms to prevent a recurrence."
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