Samsung, Lotte chiefs pardon called by executives and private sectors for economic recovery

Samsung Electronic's vice chairman Lee Jae Yong and Lotte Group's chairman Shin Dong Bin were previously declared guilty of bribery and graft, which sent them to jail for months. Now both the private and business sectors are calling for the present government of South Korea to pardon the two for the sake of economic recovery.

According to The Korea Times, the calls to pardon the Samsung and Lotte chiefs are growing, especially now that the Korean economy is facing a tough time due to inflation and other issues.

People want the economy to be healthy again, and with the slow recovery, they believe that pardoning the executives to allow them to work in their companies without any limitations will be a big help in achieving better results in the market and surely invigorate the Korean economy.

Most people are urging the country's President Yoon Suk Yeol to pardon the top executives to rev up new investments and generate more jobs. This will help the economy tackle the surging prices of goods and services in addition to the prolonged COVID-19 pandemic.

Many are now expecting the president to grant the presidential pardon to both Samsung's Lee Jae Yong and Lotte's Shin Dong Bin on Aug. 15, which is Liberation Day in Korea. This event is always remarkable as selected, and deserving convicts are usually pardoned by the country's leader on this day. Aside from Lee and Shin, a special pardon is also expected for former President Lee Myung Bak and Kim Kyung Soo, the former governor of South Gyeongsang Province.

The chairman of the Korea Chamber of Commerce and Industry (KCCI), Chey Tae Won, also stressed last week that there is a need for special pardons for top business executives. Chey is also the chairman of the SK Group.

"I have long maintained that business leaders should be granted more leniency if circumstances allow," Chey stated at a recent press briefing in Jeju Island. "I am asking for an environment whereby business activities can proceed more freely and extensively to help weather economic challenges."

Finally, Kweon Seong Dong, the floor leader and acting chairman of the People Power Party and Prime Minister Han Duck Soo, also said last week that they are in favor of the pardoning of the business leaders as this will help the country's economy.