Lee H.C. Emphasized “Break off Connections between Political and Business Circles”

Responding to the announcement of the Federation of Korean Industries that it "will not provide any illicit political funds." Lee Hoi-Chang, president of the Grand National Party, remarked that "We must take advantage of this to break off the close connections between the political circle and the business circle."

Mr. Lee ordered at the party`s executive meeting, "We must take advantage of the announcement of FKI for introducing reforms that will not burden the economy anymore. The party`s political reform committee shall set up concrete and practical measures for clear elections."

Accordingly, the GNP is planning to revise the political fund law, legislating that the corporations that pay over 300 million won for corporation tax donate 1 percent of the corporation tax to the National Election Commission but no other political funding from businesses is allowed.

Yeon-Wook Jung jyw11@donga.com