Business lobby groups to call for presidential pardon of corporate leaders

Lee Ho-jin, former chairman of Taekwang Group [Source : News1]

South Korean business lobby groups are preparing to call for the presidential pardoning and reinstatement of corporate leaders as the country’s economy faces challenges at home and aboard.

The Korea Chamber of Commerce and Industry (KCCI) is reviewing the final list of the leaders after collecting opinions from the Federation of Korean Industries (FKI) and the Korea Enterprises Federation (KEF), according to industry sources on Tuesday.

On the list are Booyoung Group Chairman Lee Joong-keun, Kumho Petrochemical Group Chairman Park Chan-koo and Samsung Electronics Co.’s now-defunct head of Future Strategy Office Choi Gee-sung.

Some say that Taekwang Group also announced its 12 trillion won ($9.25 billion) investment plan for future growth that will create 7,000 new jobs as part of efforts to call for a pardoning and reinstatement of its former chairman Lee Ho-jin.

Business lobby groups earlier expressed regret at the latest smaller-than-expected pardons in August.

Samsung Electronics Executive Chairman (then Vice Chairman) Jay Y. Lee, Lotte Group Chairman Shin Dong-bin, Dongkuk Steel Mill Chang Sae-joo and former STX Group Chairman Kang Duk-soo were given pardons on Aug. 15.

Government officials, however, expect the end of the year pardons will focus on politicians including former President Lee Myung-bak.

The Ministry of Justice will review the list on Friday and then report the final version to the president. The final list will be released on Dec. 28.