Five economic organizations demanded that President Moon Jae-in pardon Samsung Electronics Vice Chairman Lee Jay-yong and Lotte Group Chairman Shin Dong-bin on the occasion of Buddha’s Birthday on May 8, citing social integration and the development of the national economy.
But outing president Moon refused to give the pardons before his term ended.
As the business community’s call for pardoning Samsung Vice Chairman Lee failed to material, for Samsung Group, the nation’s largest conglomerate, a management vacuum, caused by Lee’s absence, is predicted to be protracted.
Worry has mounted that Vice Chairman Lee’s absence might undermine Samsung Group’s investing new large-scale investments and M&As.
The Korea Chamber of Commerce and Industry (KCCI), the Korea International Trade Association (KITA), the Korea Federation of SMEs, the Korea Enterprises Federation (KEF) and the Federation of Middle Market Enterprises of Korea submitted to Cheong Wa Dae and the Ministry of Justice on April 25 a plea on giving a special presidential clemency to economic figures for economic development and national unity.
As for why they’re calling for presidential pardons, the statement cited the unpredictable crisis of the national economy, caused by the COVID-19 pandemic, U.S.-China conflicts, and Russia’s invasion of Ukraine, the need for capable businessmen’s dedication to overcome the crisis, to secure competitiveness, and the economic business community’s redoubled efforts to ensure transparent management and gain public trust and love based on ethics management and entrepreneurship.
KEF Chairman Sohn Kyung-shik called for the government’s consideration of giving clemency for Samsung Vice Chairman Lee, citing the need for bracing for the breakout of a “global semiconductor war.”
KITA Chairman Christopher Koo followed suit by citing the United States’ restructuring of the global supply chains and uncertainties surrounding the global trade environment.
KCCI Chairman Chey Tae-won said collaboration between the government and the business circles was essential and countermeasures have to be taken in a national perspective.
KCCI received recommendations and applications from economic organizations and companies on clemency candidates, who have almost finished their prison terms, paroled or were given a suspended prison term.
Among the would-be pardonees were Samsung Electronics Vice Chairman Lee Jay-yong, Lotte Group Chairman Shin Dong-bin and Booyoung Group Chairman Lee Joong-keun.
KCCI Executive Vice Chairman Woo Tae-hee said, “I express hope a special presidential pardon will heal our society’s confrontation and conflicts and achieve national unity of a high dimension.”
Economic organizations shared the view that businessmen should spearhead efforts to overcome outside uncertainties such as Russia’s invasion into Ukraine and the unstable supply chains.
They also agreed that Samsung Electronics with a global network will have to take a lead on such efforts.
Samsung Electronics Vice Chairman Lee’s roles in having achieved diplomatic outcomes by utilizing the semiconductor as Korea’s strategic asset amid U.S.-China hegemony could not be underestimated.
The President Lee Myung-bak government pardoned the late Samsung Electronics chairman Lee Kun-hee, who later played a pivotal role in helping Korea gain the right to host the Pyeongchang Winter Olympic Games.
The President Park Geun-hye government gave a pardon to SK Group Chairman Chey Tae-won, who contributed to creating jobs by making massive investments into the semiconductor sector.
The business community claimed Samsung Electronics’ management should be restored to normal since Vice Chairman Lee cannot be allowed to be involved in management.
If Lotte Group Chairman Shin is given a pardon, he will have more leeway in wielding management rights. Lotte Group is striving to nurture bio, healthcare and future mobility into future growth engines.
The group, setting bio, health care and future mobility as future growth engines, has been expanding related business activities, such as the establishment of subsidiaries and the striking of MOUs.
_국무총리-경제단체장 간담회.jpg)
