Economy Sector "Welcomes Business Leaders' Pardon and Reinstatement on Gwangbokjeol" (Comprehensive)

"Economy, Contributing to Export Recovery... Earning Public Trust"

Major economic organizations conveyed messages welcoming the special pardon and reinstatement of businesspeople on Liberation Day, August 15.

The Federation of Korean Industries (FKI) stated in a press release on the 14th, "We greatly welcome the President's special pardon on August 15, which provides businesspeople with the opportunity to return to the management field," and added, "We pledge to become an economic sector that earns the love and trust of the people."

Kang Seok-gu, Head of the Research Department at the Korea Chamber of Commerce and Industry, said, "This pardon and reinstatement measure is understood as a call for businesspeople to play an active role in revitalizing our struggling economy and preparing for the future," and added, "The economic sector will make greater efforts to contribute to national economic development and fulfill corporate social responsibility."

Minister of Justice Han Dong-hoon is announcing the Liberation Day special pardon on the 14th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

The Korea Employers Federation (KEF) said, "We actively welcome the President's special pardon that gives businesspeople the opportunity to return to the forefront of management and dedicate themselves to the development of the national economy," and added, "The pardoned individuals and the business community will strive to restore economic vitality, promote corporate investment, adhere to compliance management, and do their best to increase quality jobs."

The Korea International Trade Association (KITA) issued a statement in the name of Vice Chairman Jung Manki, saying that the businesspeople included in the special pardon will contribute to economic and export recovery.

Vice Chairman Jung said, "The trade industry welcomes that a large number of businesspeople were included in the government's August 15 Liberation Day special pardon," and added, "KITA expects that the businesspeople returning to the management field through the pardon will actively participate in revitalizing our economy by utilizing the knowledge and experience they have accumulated in the past."

He also said, "The trade industry proposes a comprehensive review of various laws focused on criminal punishment of businesspeople to align them with global standards, taking this pardon as an opportunity," and added, "We will make further efforts in compliance and responsible management, concentrate businesspeople’s capabilities, and strive to accelerate the recovery of our exports."

Among those included in the businesspeople’s pardon and reinstatement were Lee Joong-geun, former chairman of Booyoung Group; Park Chan-gu, honorary chairman of Kumho Petrochemical Group; Lee Ho-jin, former chairman of Taekwang Group; and Lee Jang-han, chairman of Chong Kun Dang.

Founder Lee Joong-geun was sentenced to 2 years and 6 months in prison for embezzlement and breach of trust involving hundreds of billions of won but was granted parole ahead of Liberation Day in 2021. Honorary Chairman Park Chan-gu was indicted on breach of trust charges exceeding 13 billion won. The Supreme Court confirmed a sentence of 3 years in prison with a 5-year probation period at the end of 2018. Former Chairman Lee Ho-jin was sentenced to 3 years in prison for embezzlement, breach of trust, and corporate tax evasion and was released after serving his term. Chairman Lee Jang-han was sentenced to prison over a controversy involving 'driver abuse.'

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