Presidents of SK, LG, and Hyundai called on the Korean President to pardon Samsung’s ‘prince’

Reuters reported that leaders of Korea’s largest corporations asked President Moon Jae-in to pardon Samsung Vice Chairman Lee Jae-yong. The call was made during a luncheon with the President on June 2.

This luncheon was held at the Presidential Palace with the attendance of 4 business leaders of the country’s leading chaebols including SK Group Chairman Chey Tae Won, Hyundai Motor Group Chairman Chung Eui Sun, and Hyundai Motor Group Chairman Chung Eui Sun. LG Group Chairman Koo Kwang Mo and Samsung Electronics Vice President Kim Ki Nam.

Mr. Moon Jae In thanked corporations for accompanying the government during his business trip to the US from May 19 to 23, 2021. Thanks to large corporations always making efforts to research and improve technology, Korea has been entrusted by American companies to produce vaccines in Korea. Specifically, biopharmaceutical company Samsung Biologics signed a contract to manufacture vaccines with Moderna pharmaceutical company; SK Bioscience Company (SK Bioscience) signed a Memorandum of Understanding (MOU) with Novavax pharmaceutical company, which includes the content of receiving technology transfer from Novavax and the two sides to jointly research mRNA vaccines.

These contracts are part of a plan to turn Korea into a global vaccine hub, fundamentally addressing the anxiety about vaccines.

In addition, major Korean corporations also announced plans to invest 44 trillion KRW ($39.6 billion) in the US in the fields of semiconductor chips, electric cars, and batteries.

During the party, SK Group Chairman Chey Tae-won asked President Moon to consider pardoning Samsung Vice Chairman Lee. Earlier, hundreds of American businesses through the American-Korea Chamber of Commerce and Industry also asked President Moon to pardon Samsung’s Vice Chairman.

Responding to the offer, Mr. Moon said he “understands” the difficulties the companies are facing. He will consider the opinions of the people before making a decision.

When he took office in 2017, Moon made a very strong commitment to discipline those chaebol leaders who broke the law. Mr. Lee, 52, has been detained at the Seoul Detention Center since January for a 2.5-year sentence for bribery and other charges.

Meanwhile, business leaders clearly recognize the importance of Mr. Lee for maintaining Korea’s leading position in the global chip industry, especially in the context of the current severe chip shortage. now on.

“Semiconductors require large-scale investment decisions, and leaders can only make such decisions quickly,” said Kim Ki-nam, vice president and head of the device division. Samsung device said.

Biden’s side has called for greater investments from South Korea, and Samsung confirmed plans to pour $17 billion into a new factory to make chips in the United States during Moon’s visit to Washington.

Mr. Lee has an irreplaceable position as he runs Samsung’s three businesses, including chips, smartphones and home appliances. “It’s hard to make big business decisions if you’re not the head.”