Yoon's first amnesties focus on people's livelihood, economic recovery
President Yoon Suk-yeol granted his first special pardons to 1,693 people on Friday, benefitting business leaders such as Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin. The special pardons, which go into effect on Aug. 15 Liberation Day, also include Dongkook Steel Mill Chairman Chang Sae-joo and former STX Group Chairman Kang Duck-soo.
The pardons will affect those mainly involved in petty crimes, small business owners and others in needy situations. While presiding over a Cabinet meeting to deal with the pardons, Yoon said, "We want to help stabilize the people's livelihood and help low-income and small business owners to stand up again."
Yet, prominent politicians such as former President Lee Myung-bak and former South Gyeongsang Province Governor Kim Kyoung-soo were excluded from the pardons due to Yoon's focus on "people's livelihoods and economic recovery." Both Lee and Kim had been expected to be pardoned for the sake of enhancing "national unity."
Their exclusion appears to have been triggered by the steady decline of Yoon's approval rating paired with the negative public opinion toward the release of politicians. The approval rating for Yoon, for instance, continued to slip to 25 percent just three months after he took office, according to recent polls. Any pardons of politicians might have caused further disputes, inflicting more burden on Yoon.
The Yoon administration explained it "strictly vetted the business leaders for the pardons so that they can proactively invest and create decent jobs at this time when the nation desperately needs to overcome the worsening economic situation." The business circle welcomed the pardons of major business leaders. Yet, they expressed dissatisfaction over the "limited" number of the pardoned. In contrast, some civic organizations have been opposing the possible pardons of conglomerate tycoons highlighting the fact that they undermined economic order.
The power of granting pardons and reinstatement is solely given to the president as the head of state. Yet, it had also been the source of disputes during previous administrations due to the possibility of the pardons undercutting the judiciary and fairness. In this vein, it seems the Yoon administration attempted to narrow the scope of pardons to minimize the possible social discord surrounding the issue.
This also means the pardoned business leaders should double down on efforts so that the nation can tide over the growing economic difficulties arising from high commodity prices, high interest rates and a continual depreciation of the Korean won against the U.S. dollar. Domestic enterprises now need to tackle the escalating uncertainties in the global markets due to unstable supply chains amid the global economic recession.
The United States is applying increasing pressures on the nation to join its envisaged Chip 4 alliance comprising Korea, Japan and Taiwan, heightening its rivalry with China. It is necessary for the government to allow more opportunities for the business leaders to engage in brisker business activities across the globe. It is time for the government and businesses to combine efforts to overcome the multiple challenges.
President Yoon Suk-yeol granted his first special pardons to 1,693 people on Friday, benefitting business leaders such as Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin. The special pardons, which go into effect on Aug. 15 Liberation Day, also include Dongkook Steel Mill Chairman Chang Sae-joo and former STX Group Chairman Kang Duck-soo.
The pardons will affect those mainly involved in petty crimes, small business owners and others in needy situations. While presiding over a Cabinet meeting to deal with the pardons, Yoon said, "We want to help stabilize the people's livelihood and help low-income and small business owners to stand up again."
Yet, prominent politicians such as former President Lee Myung-bak and former South Gyeongsang Province Governor Kim Kyoung-soo were excluded from the pardons due to Yoon's focus on "people's livelihoods and economic recovery." Both Lee and Kim had been expected to be pardoned for the sake of enhancing "national unity."
Their exclusion appears to have been triggered by the steady decline of Yoon's approval rating paired with the negative public opinion toward the release of politicians. The approval rating for Yoon, for instance, continued to slip to 25 percent just three months after he took office, according to recent polls. Any pardons of politicians might have caused further disputes, inflicting more burden on Yoon.
The Yoon administration explained it "strictly vetted the business leaders for the pardons so that they can proactively invest and create decent jobs at this time when the nation desperately needs to overcome the worsening economic situation." The business circle welcomed the pardons of major business leaders. Yet, they expressed dissatisfaction over the "limited" number of the pardoned. In contrast, some civic organizations have been opposing the possible pardons of conglomerate tycoons highlighting the fact that they undermined economic order.
The power of granting pardons and reinstatement is solely given to the president as the head of state. Yet, it had also been the source of disputes during previous administrations due to the possibility of the pardons undercutting the judiciary and fairness. In this vein, it seems the Yoon administration attempted to narrow the scope of pardons to minimize the possible social discord surrounding the issue.
This also means the pardoned business leaders should double down on efforts so that the nation can tide over the growing economic difficulties arising from high commodity prices, high interest rates and a continual depreciation of the Korean won against the U.S. dollar. Domestic enterprises now need to tackle the escalating uncertainties in the global markets due to unstable supply chains amid the global economic recession.
The United States is applying increasing pressures on the nation to join its envisaged Chip 4 alliance comprising Korea, Japan and Taiwan, heightening its rivalry with China. It is necessary for the government to allow more opportunities for the business leaders to engage in brisker business activities across the globe. It is time for the government and businesses to combine efforts to overcome the multiple challenges.
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