SK sees higher hope for chief's release
By Park Si-soo
President Park Geun-hye said Monday she maintains her zero-tolerance stance toward corrupt businessmen, but noted that does not mean jailed tycoons should face higher standards when it comes to receiving commuted sentences or parole.
“It’s not appropriate that (jailed) business leaders are given favorable treatment. But it’s also inappropriate that they become subject to reverse discrimination,” she said during a press conference at Cheong Wa Dae.
Park made the comment in response to a reporter’s question regarding allegations that the government is considering freeing SK Group Chairman Chey Tae-won before his term expires. His release could come ahead of Sollal or New Year’s Day on the lunar calendar next month.
The SK chief has been behind bars for more than 700 days after being sentenced to four years in prison in December 2013 for embezzlement.
“The Ministry of Justice will make a decision (on the matter) after taking into account related things comprehensively, including public opinion and fairness,” Park said.
Although the President didn’t clarify her position on the controversial issue, many analysts interpreted the comment as tacit approval for paroling some jailed tycoons, including Chey who has control of the country’s third-biggest conglomerate.
The issue was first brought to the surface in September by Justice Minister Hwang Kyo-ahn and Finance Minister Choi Kyung-hwan. They openly suggested that the early release of Chey and other jailed corporate leaders would help stimulate the economy.
The issue has been on the backburner for several months amid a series of political scandals plaguing the President. But it resurfaced last month when ruling Saenuri Party leader Kim Moo-sung expressed the need to set Chey free prior to the end of his sentence. Opposition heavyweight Park Ji-won echoed Kim’s view,
Those who may benefit from parole, if any, include former LIG Group Chairman Koo Bong-sang, Taekwang Group Chairman Lee Ho-jin and Tongyang Group Chairman Hyun Jae-hyun.
An SK Group spokesman refused to comment on the issue.
Analysts say the last hurdle in place to the early releases may be the anticipated negative public opinion toward any preferential treatment given to such wealthy people. Such sentiment has intensified in the wake of the highly publicized “nut rage” scandal involving the daughter of the Korean Air owner.
“Everything is up to the President,” a political analyst said on the condition of anonymity.
Under the law, a convicted person can be released on parole after serving one-third of their jail term. That means that the SK chief, who has served nearly half his term, is eligible to be released at any time.
SK Group has an estimated 58.8 trillion won ($53.3 billion) deposited in bank accounts, the third-largest amount among the country’s 10 biggest conglomerates.