FKI Comments "Regret over Lee Jae-yong's Detention, Concerns over Negative Impact on Korean Economy"

[Asia Economy Reporter Kim Hyewon] On the 18th, the Federation of Korean Industries (FKI) expressed both regret and concern over Samsung Electronics Vice Chairman Lee Jae-yong being sentenced to 2 years and 6 months in prison in the retrial of the National Pension Service scandal.

Immediately after the verdict on the 18th, the FKI released a statement saying, "Vice Chairman Lee has played a role in supporting the Korean economy by leading bold investments and job creation amid the COVID-19 economic crisis, and we deeply regret the imprisonment ruling."

The FKI added, "Considering Samsung's significant role in the Korean economy and its status as a global company, we are concerned that the contraction of Samsung's business activities due to this ruling may have adverse effects not only on the individual company but also on the entire Korean economy."

They continued, "A prolonged absence of leadership could delay entry into new businesses and swift decision-making, resulting in falling behind in global competition," and urged, "We sincerely hope Samsung will wisely overcome this crisis and continue on the path of sustainable growth."

Furthermore, the business community pledged to do its utmost to minimize the damage caused by this ruling and to overcome the COVID-19 economic crisis.

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