Five Major Economic Group Leaders Submit Petition for Lee Jae-yong's Pardon to Cheongwadae (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyewon] The heads of five economic organizations have submitted a petition for the pardon of Samsung Electronics Vice Chairman Lee Jae-yong to the Blue House.

On the 27th, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, Koo Ja-yeol, Chairman of the Korea International Trade Association, and Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises, announced that they submitted the petition for Lee’s pardon to the Blue House’s relevant department (Office of the Senior Presidential Secretary for Civil Affairs, Legal Secretary) the previous afternoon in the name of the five major economic organization heads.

In the petition, the five major economic organization heads stated, "While it is appropriate to strictly reprimand and demand intense reflection on wrongful corporate practices and deviations, if the fundamental role of companies is to contribute to national economic development through investment and job creation, we earnestly appeal for a decision of harmony and inclusion so that Vice Chairman Lee can quickly dedicate himself to protecting our semiconductor industry and serving the nation and its people for the recovery and leap forward of the economy."

The five major economic organization heads explained, "With the COVID-19 pandemic accelerating the non-face-to-face economy and digitalization across all industrial sectors, the importance of semiconductors, a core component, is increasing. U.S. President Joe Biden is leading large-scale semiconductor investment support, and major competing countries are also strongly promoting investments."

They continued, "Our country’s semiconductor industry is also facing new crises and challenging situations. If bold investments and decisions are delayed due to the absence of the head of management who should lead the increasingly fierce semiconductor industry competition, the world’s number one position we have built up could be lost overnight," expressing concern. They added, "Now is a crucial time when the government and companies must join hands more than ever to secure global competitiveness and take the lead in the industry. For bold business decisions, the role of the corporate head is more necessary than ever," emphasizing the justification for the pardon.

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