Four Major Group Chairpersons Attending Yoon's Inauguration Ceremony... First Meeting at Dinner

80 Business Leaders Invited to President's Inauguration on the 10th
Yoon Meets Heads of 4 Major Groups for the First Time at Inauguration Dinner
Calls for Role of Vice Chairman Lee Jae-yong Rise After Pardon Fails

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] Major conglomerate heads, including Samsung Electronics Vice Chairman Lee Jae-yong, will attend the inauguration ceremony of the 20th president scheduled for the 10th. On the same day, a meeting with the heads of the top five business groups is also planned at the inauguration dinner of President-elect Yoon Suk-yeol. This is the first time that heads of major conglomerates have been invited to a government inauguration dinner.

According to the business community on the 8th, about 80 business leaders, including Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo, are expected to attend President-elect Yoon’s inauguration ceremony.

Six heads of economic organizations were also invited, including Chairman Chey, who also serves as the Chairman of the Korea Chamber of Commerce and Industry, Huh Chang-soo, Chairman of the Federation of Korean Industries, Sohn Kyung-shik, Chairman of the Korea Employers Federation, and Koo Ja-yeol, Chairman of the Korea International Trade Association.

The heads of major conglomerates are expected to have a meeting with President-elect Yoon at the inauguration dinner. This will be the first time President-elect Yoon meets directly with the heads of major conglomerates. Shortly after his election, on March 21, Yoon held a luncheon meeting with the six heads of economic organizations, and on the 22nd of last month, he met with representatives of the top 10 companies at an event hosted by the Korea Chamber of Commerce and Industry in Busan to support the bid for the Busan World Expo. Among the group heads, Chairman Chey Tae-won is the only one who has met with President-elect Yoon.

The business community is focused on whether President-elect Yoon will decide on a special pardon and reinstatement for Vice Chairman Lee, whose pardon was not granted. Vice Chairman Lee is currently on parole and faces restrictions on his management activities. Even after completing his sentence in July, he will be subject to a five-year employment restriction. Inside and outside the business community, voices are growing for pardoning and reinstating Vice Chairman Lee as a way to overcome the crisis amid increasing global economic uncertainties. Earlier, the five major economic organizations requested President Moon Jae-in to pardon Vice Chairman Lee and Lotte Group Chairman Shin Dong-bin ahead of this year’s Buddha’s Birthday, but the request was rejected.

For Vice Chairman Lee to avoid restrictions such as employment bans, President-elect Yoon must make a decision before the completion of his sentence in July. There is also speculation within the business community about a possible “Liberation Day special pardon” on August 15. Previously, presidential pardons have been granted on occasions such as March 1st, Buddha’s Birthday, Liberation Day, and Christmas.

Public opinion also favors the pardon of Vice Chairman Lee. A recent survey conducted by the Korea Society Opinion Institute (KSOI) showed 68.8% in favor and 23.5% opposed to a special pardon for Vice Chairman Lee.

A business community official said, "It is incomprehensible that the pardon and reinstatement of Vice Chairman Lee have been postponed to the next administration even though former President Park Geun-hye was pardoned. With the heightened sense of crisis in the Korean economy due to Russia’s invasion of Ukraine, lockdowns in Chinese cities, and inflation, and with public opinion largely supporting the pardon of Vice Chairman Lee, we hope President-elect Yoon will make a prompt decision after the inauguration ceremony."

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