By Kim Hyun-bin
Expectations are growing that President Yoon Suk-yeol will pardon Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin on Aug. 15, National Liberation Day, to help companies deal with a range of downside risks, including high inflation and unfavorable exchange rates, according to industry officials, Monday.
Yoon has been contemplating his first special pardon, which many believe will include amnesty for key business figures. Since taking office, Yoon has been emphasizing economic revitalization and stressing that the Korean economy is suffering from external difficulties.
"The absence of a leader is inevitably a burden on corporate management and as there are external difficulties surrounding businesses, there seems to be a good chance that pardons will be given," an industry official said.
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| Samsung Electronics Vice Chairman Lee Jae-yong |
On July 27, Prime Minister Han Duck-soo also announced plans to propose to the president the pardons of key businessmen, including the Samsung vice chairman and the Lotte chairman.
Lee, who was given a prison term for bribery and embezzlement, was released on parole in commemoration of National Liberation Day last year during the Moon Jae-in administration, and his sentence expired on July 29. The vice chairman is currently restricted from employment under the Aggravated Punishment of Specific Economic Crimes Act. Even after the end of his sentence, he is not allowed to work for a crime-related corporation for five years. If the pardon is granted, the employment restriction will be lifted.
However, some say even with the pardon, Lee will not be totally free from restrictions.
"Even though Vice Chairman Lee is pardoned for the specific case, he is also embroiled in several other cases for which he will be summoned to court, so he will not be totally free of judicial regulations. But the pardon will help somewhat by letting him engage in business activities," an industry official said speaking on condition of anonymity.
Shin was sentenced to two years and six months in prison, which was suspended for four years by the Supreme Court in October 2019. But the employment restrictions do not apply in his case. However, he has limited mobility because of his probation period.
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| Lotte Group Chairman Shin Dong-bin |
Public opinion on the amnesty of the business leaders is also favorable.
A survey of 1,006 adults by polling companies Embrain Public, K-Stat Research and Korea Research showed 77 percent of respondents supported the pardon of the Samsung vice chairman.
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