Business Community Welcomes Lee Jae-yong's Parole... "Regrets It's Not a Pardon"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Economic organizations unanimously welcomed the Ministry of Justice's decision on the parole of Samsung Electronics Vice Chairman Lee Jae-yong on the 9th. However, they expressed regret that the previously requested pardon was not granted.

The Korea Chamber of Commerce and Industry issued a statement in the name of Executive Vice Chairman Woo Tae-hee, saying, "In a situation where the speed of corporate change and decision-making has become important, we welcome the decision to allow free economic activities through Vice Chairman Lee's parole." It added, "We expect Samsung Electronics to leverage this parole as an opportunity to maintain a super-gap in the competition to dominate strategic industries such as semiconductors and to advance into future next-generation strategic industries, contributing to national economic development."

Vice Chairman Woo said, "It is regrettable that Vice Chairman Lee is returning to corporate management through parole rather than a pardon," and requested, "We ask related ministries to apply regulations flexibly regarding management activities such as overseas partner meetings and global site visits."

The Federation of Korean Industries stated, "We actively welcome the Ministry of Justice's decision to allow Vice Chairman Lee's free management activities," and added, "This measure reflects the public's demand for Samsung to play a leading role in overcoming our economic crisis, so Samsung should actively engage in investment and job creation to meet these expectations."

The Federation said, "As the world is striving to overcome the crisis caused by COVID-19 and establish a post-COVID economic order, if the investment clock remains stopped, we risk falling behind in global competition and losing our livelihood in an instant." It continued, "In this context, Vice Chairman Lee's parole will be an opportunity for Korea to secure technological superiority in the global semiconductor market and stand at the center of the new economic order."

The Korea Employers Federation said, "The parole decision for Vice Chairman Lee reflects the acceptance of the business community's position and public consensus, which is very fortunate," but added, "However, parole comes with difficulties such as employment restrictions and overseas travel limitations, so maximum administrative consideration is needed to allow Vice Chairman Lee to focus on management activities."

The Federation of Korean Employers added, "With the management risk caused by the absence of the group head partially resolved, we hope Samsung Electronics will firmly establish its position as the world's number one semiconductor powerhouse through active investment and technological development centered on Vice Chairman Lee's leadership, further contributing to national economic development."

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