Economic 5 Organizations Petition for the Pardon and Restoration of Rights of Business Leaders Including Lee Jae-yong and Shin Dong-bin

Lee Jae-yong, Vice Chairman of Samsung Electronics, who has been indicted on charges including violation of the Capital Markets Act, is attending the continuation of the first trial held at the Seoul Central District Court in Seocho-gu, Seoul on the 18th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Oh Hyung-gil] As the final special pardon of the Moon Jae-in administration is being discussed, economic organizations have petitioned for the pardon and reinstatement of business leaders, including Lee Jae-yong, Vice Chairman of Samsung Electronics, and Shin Dong-bin, Chairman of Lotte Group.

The five major economic organizations?the Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of SMEs, Korea Employers Federation, and Korea Federation of Medium-sized Enterprises?announced on the 25th that they submitted a "Petition for Special Pardon and Reinstatement for Economic Development and National Unity" to the Blue House and the Ministry of Justice ahead of Buddha’s Birthday.

The five economic organizations stated that the reason for pushing this pardon petition is that the global economy is undergoing a major transformation, and due to COVID-19, the US-China conflict, and the Ukraine crisis, the national economy is facing an unpredictable crisis. They emphasized that the dedication of capable business leaders is necessary to overcome the crisis and secure future competitiveness.

The business community stressed, "We will do our utmost to establish a culture of transparent and ethical management, and be armed with a new entrepreneurial spirit to gain the trust and love of the people."

Earlier, the Korea Chamber of Commerce and Industry received recommendations from economic organizations and applications from companies for the candidates of this pardon petition, targeting business leaders who have already completed their sentences or are on parole after serving most of their sentences, as well as those who received suspended sentences.

Woo Tae-hee, Executive Vice President of the Korea Chamber of Commerce and Industry, said, "We hope that through the special pardon and reinstatement measures, our society can heal conflicts and divisions and achieve a higher level of national unity."

Meanwhile, the Federation of Korean Industries (FKI) did not participate in this petition.

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