Lee Jae-woong Criticizes Prison Sentence, Saying "Who Would Want to Start a New Business?"

Lee Jae-woong (right), CEO of Socar, and Park Jae-wook, CEO of VCNC, are entering the courtroom to attend the first trial sentencing hearing disputing the illegality of 'Tada' at the Seoul Central District Court in Seocho-gu, Seoul, on the 10th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Bu Aeri] Lee Jae-woong, CEO of Socar, expressed dissatisfaction on the 12th, saying, "In a country that demands imprisonment, not even a fine, for entrepreneurs who try new things, who would want to start a new business, let alone innovate?"

On the afternoon of the same day, Lee wrote on his Facebook, "It is problematic that the government, which declared it would adopt 'negative regulation' allowing everything not prohibited by law, is prosecuting based on 'positive regulation' that only permits what is allowed by law. It is also surprising that they acknowledge only what is permitted by law but still intend to punish by examining the substance."

The prosecution requested a one-year prison sentence for Lee, who was indicted on the 10th for violating the Passenger Transport Service Act and other charges related to the van call service 'Tada.'

Lee stated, "Putting all that aside, it is even more surprising that they want to punish the CEO of the company because the company's service is considered illegal."

Meanwhile, Socar held a board meeting on the same day and decided to spin off and establish 'Tada (tentative name).' Accordingly, 'Tada' will be separated from 'Socar' and launched as an independent company starting in April.

Regarding this, Lee explained, "Tada is embarking on a new journey," adding, "This decision was made after long deliberation to enhance Tada's business competitiveness and achieve greater growth."

This content was produced with the assistance of AI translation services.