FKI Expresses Regret Over Serious Accidents Act Passing Legal Affairs Committee... Domestic Industry Hollowing Out Expected to Deepen

[Asia Economy Reporter Ki-min Lee] The Federation of Korean Industries (FKI) expressed strong regret on the 7th regarding the passage of the Serious Accidents Punishment Act bill by the National Assembly's Legislation and Judiciary Committee's subcommittee, stating that "a system should be established to focus on the prevention of serious accidents rather than the punishment of companies."

On the afternoon of the same day, FKI issued a statement titled "Comment on the Passage of the Serious Accidents Punishment Act in the National Assembly's Legislation and Judiciary Committee (Subcommittee)," expressing "strong regret over the passage of the Serious Accidents Act by the National Assembly's Legislation and Judiciary Committee (Bill Review Subcommittee) today."

FKI further pointed out, "The Serious Accidents Act is a law that inevitably has a tremendous impact on our economy and companies, and at the same time, it is a law that potentially violates legal principles such as the principle of clarity and the principle of responsibility. Despite this, it was hastily processed without sufficient time for discussion." They added, "With unprecedentedly strong corporate punishments worldwide, domestic companies will find it difficult to increase domestic investment, and foreign companies will also hesitate to invest in Korea." They warned, "As a result, the hollowing out of domestic industries is expected to worsen."

FKI stated, "The National Assembly and the government should promptly prepare follow-up measures to improve and supplement the issues continuously raised by the business community and academia from various perspectives." They strongly urged, "We strongly call for the establishment of an effective industrial safety system that ensures social safety without hindering corporate activities, focusing on the prevention of serious accidents rather than the punishment of companies."

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