Trade Association "Regret Over Vice Chairman Lee Jae-yong's Detention Ruling... Need to Minimize Economic Impact"

[Asia Economy Reporter Park So-yeon] The Korea International Trade Association (KITA) stated on the 18th that it regrets the sentencing of Samsung Electronics Vice Chairman Lee Jae-yong to 2 years and 6 months in prison in the retrial of the state power abuse case. "Vice Chairman Lee Jae-yong, as the leader of the country's top export company, played a central role in the Korean economy amid the COVID-19 economic crisis, and we deeply regret this imprisonment ruling."

KITA mentioned, "We are concerned that the court's prison sentence and detention ruling against Vice Chairman Lee Jae-yong may negatively affect Samsung's management disruptions and Samsung's credibility in the global market."

Additionally, it said, "As this is a time when the entire industry must unite efforts to overcome the COVID-19 crisis and secure a competitive edge in the global market more than ever, we urge the government to pay close attention in the future to minimize the economic impact caused by this ruling."

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