Democratic Party Launches Economic Criminal Penalty Civil Liability Rationalization TF to Address Breach of Trust; Kwon Chilseung Appointed as Head

Heo Young, Kim Namgeun, Choi Kisang Join Task Force
Listening to Business Sector Concerns and Calls for Regulatory Reform

On August 26, the Democratic Party of Korea launched the Economic Criminal Penalty Civil Liability Rationalization Task Force (TF) to shift excessive criminal penalties, such as for breach of trust, to civil liabilities.

Heo Young, the party's Deputy Chief of Policy, met with reporters after the party's floor countermeasure meeting at the National Assembly that morning and announced the launch of the Economic Criminal Penalty Civil Liability Rationalization Task Force. He also stated that Kwon Chilseung, a Democratic Party lawmaker and former Minister of SMEs and Startups, was appointed as the head of the task force.

The task force also includes Heo Young, Kim Namgeun, the party's Deputy Chief of Livelihood Affairs, Choi Kisang, the party's Deputy Chief of Social Affairs, and Oh Gihyung, chair of the KOSPI 5000 Special Committee.

Heo Young explained, "We plan to discuss various legislative tasks regarding economic criminal penalties and the conversion of criminal liability to civil liability, taking into account the concerns and regulatory reform demands of the business and management sectors, such as issues related to breach of trust."

Kim Namgeun stated, "When economic issues arise and there are victims, the universal approach worldwide is to resolve the matter through civil liability such as compensation for damages. However, in Korea, economic crimes are uniquely addressed through criminal penalties. The new government will address and rectify these abnormal economic criminal penalties."

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