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Business leaders as first beneficiary of President Yoon's pardon Updated: 2022-08-14 08:23:43 KST

President Yoon is not the first South Korean leader to pardon top business figures.
But he is the first to do so in the maiden batch of presidential pardons.
Lee Kyung-eun sheds light on the significance of this move.

Every South Korean president has a history of giving pardons to some heads of the country's conglomerates.
And they often paved the way for major economic opportunities.
Ex-president Lee Myung-bak freed former Samsung Chairman Lee Kun-hee in 2009 -- who played a pivotal role in helping South Korea win the bid to host the 2018 Winter Olympics.
During the following administration under former president Park Geun-hye chairman of SK Group Chey Tae-won was able to bring much investment to his company SK Hynix -- one of country's biggest chipmakers.
When Moon Jae-in was in office he had tried to exclude business leaders but did grant parole for Samsung Vice Chair Lee Jae-yong.
This time, four business leaders were pardoned by President Yoon Suk-yeol including Lee.
It marks the very first time such figures are included in a first list of pardons by a South Korean president.
"The global economy has been hit hard and uncertainties are increasing. The utmost priority is people's livelihoods, and that needs the government's help, but also the economy has to be booming for people to get some breathing room."

Much attention is focused on Yoon's pardon for Samsung's de facto leader Lee Jae-yong.
Now, he can travel freely and exercise decision-making rights as a board member.
That means more a aggressive push to catch up in the world's systems semiconductor sector -- like striking an M&A deal in line with Samsung's vision to take up 10 percent of global market share by 2030.

"I will work hard for the country's economy."

That'll certainly provide major momentum for the new Yoon Suk-yeol administration's vision of making the country a semiconductor powerhouse.
Along with Lee, Lotte chair Shin Dong-bin -- who was also pardoned, will take an active role as a member of private committee to support South Korea's bid to host 2030 World Expo
which is expected to create economic effects of 61 trillion won or roughly 50 billion U.S. dollars.
Lee Kyung-eun, Arirang News.
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