Samsung leader offers olive branch

'Lee’s remarks don’t mean what they sounded like'

By Kim Yoo-chul

Samsung Group offered an olive branch to the government, irked by Lee Kun-hee’s criticism of its economic policy and a proposal that will put pressure on conglomerates to share profits with small businesses.

"We are sorry our chairman's remarks were interpreted in a way that doesn't reflect his true meaning," said Rhee In-yong, a chief Samsung communication officer, in a media briefing, Wednesday.

Reports stated President Lee Myung-bak was upset after the Samsung leader publicly put down the government’s economic performance, while rejecting the profit-sharing proposal by former Prime Minister Chung Un-chan, who is leading a blue-ribbon commission advocating the interest of small businesses.

President Lee calls himself a CEO President, devoting most of his political agenda to economic affairs.

Samsung rarely clarifies remarks made by its head.

Rhee denied that his boss was critical of the government's economic policy.

The Samsung Electronics chairman had told reporters that the government was “not as bad as flunking” in its economic management.

"The main intention of Lee's remarks is that the Korean economy has grown substantially in the recent 10 years," Rhee told reporters in the briefing.

Arriving at last week's meeting of the Federation of Korean Industries (FKI), the nation’s biggest business lobby group, the chairman used strong words in assessing the government on an economic front and regarding the controversial profit-sharing suggestion.

"I grew up in an entrepreneurial family, however, I have never heard of this anywhere else, nor do I understand the 'profit-sharing' concept," the Samsung Chairman Lee then said.

"I just don’t know whether the system is form a socialist economy, capitalist or communist economy."

Cheong Wa Dae officials reportedly expressed their displeasure at the comments, while Yoon Jeung-hyun, strategy and finance minister, said the chairman's remarks were "truly embarrassing and disappointing."

According to Samsung officials, the chairman's words were taken out of context.

"Of course, Samsung will fully cooperate with the government. Samsung has predominantly benefited over the government's pro-business policies," said Rhee.