Nightmare 10 Years Ago Might Repeat

Businessmen are showing a paradoxical and delicate response to Rep. Chong Mong-jun’s announcement of running for presidency. On one hand, they are showing some expectations toward a presidential candidate who is also a well-known entrepreneur. On the other hand, they are showing worries.

In the name of showing appreciation for the support of businessmen for the World Cup, Rep. Chong has made frequent contacts since late August with influential figures like LG Chairman Koo Bon-moo, SK Chairman Son Kil-seung, Kolon Chairman Lee Woong-ryul and Vice-chairman of FKI (Federation of Korean Industries).

Nonetheless, like Hyundai Group itself, major Chaebols and affiliated organizations keep silence even Rep. Chong’s announcement on Sep. 17. Major officials of the FKI and other organizations avoided making comments, saying, “I don’t want to get involved in this matter.”

One LG executive said, “Chong is originally a Hyundai man. Once he announced his campaigning, however, he is nothing more than one of the candidates to me. Nothing more nothing less. Like in the cases of other candidates, I will keep the principle: Not too close, not too far.”

Samsung Chairman Lee Kun-hee, after the meeting of chairmen of the FKI, answered the question, “How do you like Rep. Chong?” as follows: “I think he is good. He feels like one of those ordinary citizens. That’s why I like him.”

But, on Sep. 17, Samsung Group tried to downsize the meaning of Chairman Lee’s comment and argued that the comment was just for cheering him up. One Samsung executive brushed off the rumor that Samsung is worrying about a Hyundai man’s running for presidency and said, “Samsung is not interested in politics at all.”

One executive of SK Group just gave a cold shoulder to the announcement and said, “The campaigning announcement was made not by a businessman, but by a politician.”

Unlike major Chaebols, many businessmen are showing positive reactions to the announcement by a presidential candidate who was a businessman. They seem to expect that policy-makers would think twice of the importance of business entities by the participation of candidate who can understand the hardships corporations face and the roles the corporations play in national economy.

Nonetheless, many people worry that the public might tun back on Chaebols, if a person having “Chaebol” backgrounds succeeds as a powerful politician, since the general sentiment is still negative toward Chaebols.

Rae-Jeong Park Myung-Jai Lee ecopark@donga.com mjlee@donga.com