Park Yong-jin "Lee Kun-hee's Passing Marks the Completion of the Chaebol and Large Corporation Generational Shift..."

"Chairman Lee's Death Means Vice Chairman Lee Jae-yong Must Pay Massive Inheritance Tax"

Park Yong-jin, Democratic Party of Korea lawmaker [Photo by Yonhap News]

[Asia Economy Reporter Han Seung-gon] On the 25th, Park Yong-jin, a member of the Democratic Party of Korea, said regarding the passing of Samsung Electronics Chairman Lee Kun-hee, "I hope that the chairman's passing will mark a new beginning and a new order for Samsung and our economy." He also emphasized that Vice Chairman Lee Jae-yong must pay a huge inheritance tax.

In a post on his Facebook on the same day, Park said, "Samsung Group Chairman Lee Kun-hee passed away at the age of 78. I sincerely pray for the deceased's happiness in the afterlife."

He reflected, "The first and second-generation leaders, including the deceased, who played the role of founders and cornerstones representing our economy's major groups, are exiting history, and the generational change of chaebols and large corporations leading the Korean economy is coming to an end."

Park emphasized, "What is clear is that the corporate culture and economic order of Korea, which were shown by the early leaders during the authoritarian era, have now become outdated."

He added, "As a leading country in the global economy, South Korea must break away from the old authoritarian-style corporate culture tainted by unfair advantages, privileges, and illegality. Companies can no longer grow in such a way, nor can they win in competition with global corporations."

Park expressed his expectations, saying, "To build a communication culture for innovative and new growth in our economy and to transform the Korean economy into a land of opportunity, I expect a change in awareness and efforts from the third and fourth-generation business leaders, including Vice Chairman Lee Jae-yong. If they break away from authoritarian management and create a new order, the political sector will also support and work together with our companies."

He also urged, "With the chairman's death, Vice Chairman Lee Jae-yong must pay a huge inheritance tax. Tax issues are a core order in our society that cannot be compromised. Our people hope that entrepreneurs pay the taxes they must and bear what they must, while maintaining management rights and expanding their influence."

Regarding Vice Chairman Lee Jae-yong's trial for the state affairs manipulation case, he said, "He must not evade responsibility and should confidently accept legal judgment. I also hope he shows a transformative attitude toward issues such as the Samsung Life Insurance Act, which have operated as privileges within our economic order."

Finally, he said, "Samsung as a company receives much expectation and love from our people. Now, I hope that the head of the company, Vice Chairman Lee Jae-yong, will be reborn as a businessperson loved by the people through an innovative attitude and compliance management. Once again, I pray for the deceased's happiness in the afterlife."

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