Economic Organizations to Announce 'Final Position' on the Enactment of the Serious Accident Punishment Act

[Asia Economy Reporter Kim Jong-hwa] Ten economic organizations, including the Korea Federation of Small and Medium Business (KSMBA) and the Korea Employers Federation (KEF), will announce their final stance on the enactment of the "Serious Accident Punishment Act" on the afternoon of the 6th.

The ten economic organizations, including KSMBA, KEF, Korea International Trade Association, Korea Association of Mid-sized Enterprises, Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea Construction Association, Korea Specialty Contractors Association, Korea Women Entrepreneurs Association, and Korea Federation of Micro Enterprise, will hold a final press conference at 2:30 PM at the KSMBA headquarters in Yeouido to reiterate their appeal to halt the enactment of the Serious Accident Punishment Act.

In their final statement, the economic organizations are expected to emphasize that "the Serious Accident Punishment Act is clearly an excessive legislation and contains legal contradictions." They argue that the quadruple punishment provisions?including criminal penalties for representatives, corporate fines, administrative sanctions, and punitive damages?constitute excessive legislation, and that imposing harsher penalties on business owners with indirect management responsibility than on those with direct involvement is legally contradictory.

The final statement, to be announced by KEF Chairman Sohn Kyung-shik as the representative, is reported to include a focused appeal that "while there is agreement on the prevention of serious accidents, the legislation is an excessive burden that companies find extremely difficult to bear."

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