Coal Day Pardon Gains Momentum... Will Business Leaders Like Lee Jae-yong Escape 'Judicial Risks'?

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 Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Hyung-min] About two weeks before President Moon Jae-in's retirement, the business and legal communities are on high alert over the possibility of a large-scale pardon of economic figures, including heads of major conglomerates. In particular, attention is focused on whether Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin will be freed from their long-standing legal risks.

According to political and legal circles on the 27th, the Blue House is considering whether to carry out a special pardon on Buddha's Birthday, May 8, which will be President Moon's last special pardon during his term.

While the possibility of pardons for prominent politicians such as former President Lee Myung-bak is being discussed, voices demanding pardons for business leaders including Vice Chairman Lee are also growing louder. On the 25th, five major economic organizations (Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of SMEs, Korea Employers Federation, Korea Federation of Medium-sized Enterprises) submitted a 'Petition for Special Pardons and Reinstatement for Economic Development and National Unity' to the Blue House and the Ministry of Justice.

In the petition, these organizations requested pardons for Vice Chairman Lee, Chairman Shin, and Chairman Lee Joong-geun of Booyoung Group. They cited reasons such as the global economy facing a turning point due to the spread of COVID-19, conflicts between the U.S. and China, and the Ukraine war, which have placed the Korean economy in a crisis so severe that it is difficult to foresee even a short distance ahead. To overcome the crisis and secure future competitiveness, business leaders must be able to shake off legal risks and actively engage in external activities. In particular, the business community emphasizes that their roles are very important in the global competition occurring in fields such as semiconductors, batteries, and biotechnology.

Vice Chairman Lee was sentenced to two years and six months in prison for the state affairs manipulation case and was incarcerated but was granted parole on August 15 last year in commemoration of Liberation Day. However, due to employment restrictions, he has been unable to engage in proper management activities, and the business community has consistently raised the need for his pardon and reinstatement.

Chairman Shin was sentenced in October 2019 to two years and six months in prison with a four-year suspended sentence for the state affairs manipulation case and Lotte management corruption case. Chairman Lee Joong-geun was sentenced to two years and six months in prison for embezzlement and breach of trust of company funds, was incarcerated, and was paroled last August along with Vice Chairman Lee and others.

Besides these business leaders, in political circles, former President Lee Myung-bak, former Gyeongnam Governor Kim Kyung-soo, and former Minister of Justice Cho Kuk's wife, former Dongyang University professor Jung Kyung-shim, have emerged as candidates for pardon. Voices from various sectors of society, including religious groups, are also calling for their pardons for national unity.

Meanwhile, President Moon said at his last meeting with the Blue House press corps on the 25th, "It is true that requests for pardons are coming from various sectors," adding, "I believe that whether there is public support or consensus remains the judgment criterion we must follow." This can be interpreted as indicating that pardons could be considered if there is public consensus.

Justice Minister Park Beom-gye said the day before, "I have neither received nor reviewed any guidelines related to specific individuals," and added, "(Pardons) are entirely the president's inherent constitutional authority, so it is difficult to say more."

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