Lee Joong-geun, Park Chan-gu, Lee Ho-jin: Will They Be Included in the New Year's Special Pardon? Focus on Businessmen's Amnesty Decision

Lee Jung-geun, Chairman of Booyoung Group

[Asia Economy Reporter Kim Hyung-min] As President Yoon Suk-yeol begins to deliberate on whether to carry out a special pardon around Christmas, the business community is closely watching the possibility and scale of pardons for business leaders.

According to political and legal circles on the 5th, the Presidential Office is currently reviewing the special pardon. The special pardon is an exclusive authority guaranteed by Article 79 of the Constitution, and President Yoon must make the final decision on whether to proceed. If the decision is made to carry out the pardon, the Pardon Review Committee under the Ministry of Justice will review the candidates, and the Minister of Justice will submit the results to the President, who will make the final decision. If the President decides quickly, it is expected that the Ministry of Justice will hold the review committee meeting this week.

The business community's attention is focused on whether Park Chan-gu, Chairman of Kumho Petrochemical, and Lee Joong-geun, Chairman of Booyoung Group, who are currently unable to return to management due to employment restrictions, will be pardoned. Both were previously considered for the Liberation Day special pardon but were not included in the list announced on August 12.

Chairman Park Chan-gu of Kumho Petrochemical [Photo by Asia Economy]

Chairman Park was indicted without detention on charges of embezzlement and breach of trust of company funds, and in November 2018, the Supreme Court upheld the original sentence of three years imprisonment with a five-year probation. During the probation period, Park attempted to return as CEO of Kumho Petrochemical, but in May 2020, the Ministry of Justice denied his employment approval based on the employment restriction clause of the Act on the Aggravated Punishment of Specific Economic Crimes, preventing his return to management. In response, Park filed a lawsuit claiming that the probation period should not be included in the employment restriction period, and the trial is ongoing. The first trial sided with the Ministry of Justice, but the second trial ruled in favor of Park. If pardoned this time, the employment restriction will be lifted.

Chairman Lee was arrested and indicted on charges including embezzlement, and in August 2020, the Supreme Court confirmed a sentence of two years and six months imprisonment and a fine of 100 million won, which he served. He was released on parole in August last year, and his sentence expired in March this year. However, he is still under a five-year employment restriction and has not returned to management. If Chairman Lee is pardoned, it is widely expected that he will resume group management and accelerate the succession process.

Former Taekwang Group Chairman Lee Ho-jin's pardon status is also drawing attention. Former Chairman Lee served a three-year sentence confirmed by the Supreme Court and was released last October after completing his term. Since his release, he has been under a five-year employment restriction and is unable to participate in corporate management. It is known that he is currently focusing on treatment for stage 3 liver cancer.

The business community hopes that President Yoon will avoid releasing politicians with significant political repercussions and instead carry out a large-scale release of business leaders to overcome the crisis through economic revitalization. Previously, during the Liberation Day special pardon, President Yoon pardoned and reinstated Lee Jae-yong, Chairman of Samsung Electronics; Shin Dong-bin, Chairman of Lotte Group; Jang Se-ju, Chairman of Dongkuk Steel; and Kang Deok-soo, former Chairman of STX Group.

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