{"id":2201975,"date":"2023-08-15T08:00:40","date_gmt":"2023-08-14T23:00:40","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201975"},"modified":"2023-08-14T17:24:59","modified_gmt":"2023-08-14T08:24:59","slug":"president-yoon-issues-pardons-ahead-of-liberation-day-business-leaders-benefit","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/08\/president-yoon-issues-pardons-ahead-of-liberation-day-business-leaders-benefit\/","title":{"rendered":"President Yoon issues pardons ahead of Liberation Day, business leaders benefit"},"content":{"rendered":"

The Yoon administration has <\/span>announced<\/span><\/a> a series of presidential pardons that includes notable business leaders, some of whom were convicted of financial improprieties, in the lead-up to South Korea’s National Liberation Day. This decision, likely to be interpreted by some as an effort to boost the national economy, will enable several prominent corporate figures to re-engage in business activities.<\/span><\/p>\n

Among those pardoned is former Gangseo Ward office chief <\/span>Kim Tae-woo<\/span><\/a>. Kim had previously highlighted alleged investigative interferences during the Moon Jae-in administration and is now eligible to participate in future local elections. His charges pertained to the unauthorized disclosure of confidential information to the press while he was part of a special investigative team from Dec. 2018 to Feb. 2019. This disclosed information included details on bribery allegations against a former South Korean ambassador to Russia and a past Korea National Railway Chief.<\/span><\/p>\n

Additionally, former executives from <\/span>Lotte Group<\/span><\/a>, <\/span>Taekwang Group<\/span><\/a> and the <\/span>Dong-A Socio Group<\/span><\/a> \u2014 who faced legal actions due to financial malfeasance \u2014 have also been pardoned. The <\/span>Booyoung Group\u2019s<\/span><\/a> founder, previously found guilty of embezzling substantial sums, is another recipient of the recent pardons.<\/span><\/p>\n

Why It Matters<\/b><\/p>\n

The practice of pardoning business leaders has a long history in South Korea. Notably, Lee Jae-yong, the executive chairman of Samsung Electronics, was on <\/span>parole<\/span><\/a> since 2021 after two convictions, including one for bribery. However, President Yoon Suk-yeol granted him a <\/span>full pardon<\/span><\/a> in 2022.<\/span><\/p>\n

Yoon\u2019s decision to pardon figures linked to economic and financial wrongdoings suggests a multifaceted political strategy. This includes appeasing influential business conglomerates, signaling enhanced collaboration between the government and the business community and an expectation that these pardons may yield economic advantages. However, the long-term economic impact of these pardons remains to be seen.<\/span><\/p>\n

With parliamentary elections slated for April, such a move is not without its risks. The South Korean populace is wary of corruption, and these pardons could be construed as a soft stance on white-collar crime. There is potential for public sentiment to shift, interpreting these pardons as the government\u2019s reluctance to ensure corporate accountability. Should the narrative tilt toward the administration extending undue privileges to business elites, it could resonate with voters keen on transparency and corporate responsibility.<\/span><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The Yoon administration has announced a series of presidential pardons that includes notable business leaders, some of whom were convicted of financial improprieties, in the lead-up to South Korea’s National Liberation Day. This decision, likely to be interpreted by some as an effort to boost the national economy, will enable several prominent corporate figures to […]<\/p>\n","protected":false},"author":10407,"featured_media":2201976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2201975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nPresident Yoon issues pardons ahead of Liberation Day, business leaders benefit - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/08\/president-yoon-issues-pardons-ahead-of-liberation-day-business-leaders-benefit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Yoon issues pardons ahead of Liberation Day, business leaders benefit - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The Yoon administration has announced a series of presidential pardons that includes notable business leaders, some of whom were convicted of financial improprieties, in the lead-up to South Korea’s National Liberation Day. 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