By Lee Hyo-sik
Will jailed business tycoons get out of jail any time soon?
Cheong Wa Dae said Friday it is up to the Ministry of Justice, which could be interpreted as a yes, when considering Minister Hwang Kyo-ahn already left such a possibility open.
More importantly, the lack of a clear position from the presidential office speaks volumes since President Park Geun-hye has ordered a strict application of the law that allows no exception.
Plus, the ruling Saenuri Party Chairman Kim Moo-sung and Finance Minister Choi Kyung-hwan are advocating for the early release of the tycoons from prison.
The two said in unison that the economy is in poor shape so these jailbirds should come back to work to help boost the economy.
Remaining as one hurdle is public opinion that often reacts negatively to any preferential treatment of wealthy people.
If paroles are granted, SK Group Chairman Chey Tae-won and his young brother Jae-won would be up for consideration since they have served more than a third of their time.
The older Chey has been in jail for 23 months after he was sentenced to a four-year imprisonment for embezzling tens of billions of won of company money.
The younger Chey has served 21 months out of his term of three-and-a-half years.
Former LIG Group Chairman Koo Bong-sang is also eligible for parole as he has served 26 months out of a four-year sentence.
Besides the three, other jailed business group leaders are not eligible for parole so a presidential pardon is the only way for them to be set free.
CJ Group Chairman Lee Jae-hyun has been granted temporary medical parole to remain in the hospital for treatment, serving only four months of his three-year sentence.
In September, Lee was sentenced to a three-year prison term by the Seoul High Court on charges of embezzlement, breach of trust and tax evasion.
Taekwang Group Chairman Lee Ho-jin, who was sentenced to four-and-a-half years, spent only 63 days behind bars and has been hospitalized for the past two years waiting for a liver transplant.
Former STX Group Chairman Kang Duk-soo and Tongyang Group Chairman Hyun Jae-hyun, who were each ordered to spend six years and 12 years in prison, will not likely be released any time soon as they have just begun serving their time.
“SK, CJ and other conglomerates whose owners have been absent have been unable to make important decisions,” said an executive at one of Korea’s large business associations, who declined to be named.
“They have become reluctant to expand investments and hire new workers amid the unfavorable business environment. What they need most at the moment is strong leadership from their owners.”