Emergency Meeting with Six Business Organizations on Pending Issues
"Unverified Statistics Fuel Confusion Among the Public"
Review of Disciplinary Measures and Legal Action Against the KCCI
Kim Jeonggwan, Minister of Trade, Industry and Energy, attends the Ministerial Meeting on Economic Affairs and the Growth Strategy Task Force held at the Government Complex Seoul in Jongno-gu, Seoul, and speaks on reform measures for the KS certification system to support commercialization of advanced industries. February 4, 2026. Photo by Cho Yongjun
The Ministry of Trade, Industry and Energy announced on Feb. 9, 2026 that it has launched an immediate audit into the entire process of drafting, reviewing, and distributing the Korea Chamber of Commerce and Industry's press release on inheritance tax, which has sparked controversy. Depending on the outcome of the audit, the ministry plans to consider holding the officials responsible and taking legal action.
Minister of Trade, Industry and Energy Kim Jeonggwan said at an emergency meeting with business organizations on pending issues, held in the medium conference room of the Korea Trade Insurance Corporation that day, "As the minister in charge of overseeing the Korea Chamber of Commerce and Industry, I sincerely apologize to the public."
Minister Kim criticized the KCCI press release titled "Korea Ranks 4th in the World for Capital Outflows Due to Inheritance Tax Burden" as "a case in which a statutory organization forgot its public duties and responsibilities," and pointed out that "it is a serious matter that has thrown the public and markets into confusion and undermined trust in the overall policy environment."
Minister Kim also took issue with the fact that the statistics cited by the Korea Chamber of Commerce and Industry came not from a professional research institution but merely from estimates by an immigration consulting firm. He said, "Even though many foreign media outlets and research institutions had already raised questions about its credibility, they did not go through even the most basic verification procedures," adding, "There is no mention of inheritance tax anywhere in the data, yet they arbitrarily interpreted it as an issue of inheritance tax."
He also refuted the claim that "2,400 millionaires left Korea over the past year," saying, "According to National Tax Service statistics, the annual average is only about 139 people, which is clearly inconsistent with the facts."
The Ministry of Trade, Industry and Energy has launched an immediate audit into the entire process, from drafting and internal review to external distribution of the press release, and plans to respond sternly, including holding the officials responsible and taking legal action, depending on the audit results. The ministry explained that this means it will pursue institutional accountability, not merely issue an explanation.
In addition, to minimize the gap between government policy and conditions on the ground in industry, the government plans to begin holding regular policy roundtables with major organizations and associations from the end of this month.
Meanwhile, six business organizations attended the meeting that day: the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, the Korea International Trade Association, the Korea Employers Federation, the Korea Mid-sized Business Federation, and the Korea Federation of SMEs.
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