Joo Ho-young "Many Concerns About Serious Accident Punishment Act"... Sohn Kyung-shik "Driving Entrepreneurs to Criminals"

Request for Supplementary Legislation by Korea Employers Federation and Others

On the 11th, economic organization leaders including Sohn Kyung-shik, Chairman of the Korea Employers Federation, and Kim Ki-moon, Chairman of the Korea Federation of SMEs, met with Joo Ho-young, Floor Leader of the People Power Party, at the National Assembly. The meeting was arranged by the People Power Party to hear the business community's opinions on the Serious Accidents Punishment Act. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lim Chun-han] Joo Ho-young, floor leader of the People Power Party, stated on the 11th regarding the Serious Accidents Punishment Act, “Each article contained unconstitutional elements and many issues related to the principles of criminal liability. We intervened to prevent the law from passing as is, making many revisions and deletions, but there will still be many concerns from the business community.”

At a meeting with economic organizations held at the National Assembly that day, Floor Leader Joo said, “The Democratic Party of Korea insisted on passing the bill unconditionally, and if left as is, there was concern that a really poor bill would be enacted.”

Joo also pointed out, “Last year, the economy faced the most difficult situation in recent history. This was partly due to COVID-19, but there was also a strong anti-business sentiment throughout society,” adding, “The government verbally presents rosy forecasts, but its actual actions are like turning left while signaling a right turn.”

Six economic organizations, including the Korea Employers Federation and the Korea Federation of Small and Medium Business, requested Floor Leader Joo to pursue supplementary legislation for the Serious Accidents Punishment Act. Sohn Kyung-shik, chairman of the Korea Employers Federation, said, “Although the new year has begun, businesspeople have many worries and fears. In December last year, too many corporate regulatory laws such as the Commercial Act, the Fair Trade Act, and the Trade Union Act passed the National Assembly all at once, and on the 8th, the Serious Accidents Punishment Act, which drives businesspeople into criminals, was enacted,” urging, “Please review the various corporate burden laws more carefully and promptly push for additional supplementary legislation.”

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