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Business Organizations Oppose Special Prosecutor Bill

Posted November. 17, 2007 08:45,   


On November 16, the business circle expressed unanimous opposition regarding the special prosecutor bill on the Samsung slush fund scandal, currently under discussion in the political world.

The business circle is especially worried over the special prosecutor bill on the Samsung scandal turning into a political instrument in the upcoming presidential election.

Five business organizations: the Korea Chamber of Commerce & Industry (KCCI), the Federation of Korean Industries, the Korean International Trade Association, the Korean Federation of Small and Medium Business, and the Korean Employers Federation, held a press conference at KCCI building in Namdaemunno, Jung-gu, Seoul, and adopted a joint statement containing aforementioned arguments.

In their statement, the five organizations claimed, “This situation is the result of unilateral contentions by an individual. Adopting a special prosecution in this early stage of investigation when the arguments have not been verified will only multiply suspicions.”

“If a special prosecution takes place with one of the top domestic enterprises, it is inevitable that the image of Korean enterprises will be harmed and that their external credit standing will fall, apart from what the truth is. If the special prosecution adopted is prolonged in a time when the enterprises should settle the year and establish management strategies and investment plans for next year, this could lead to a decline in overall economic vitality and loss of enthusiasm on the side of enterprises,” they argued.

Five business organizations were especially tense about the possible political use of the special prosecution and said, “This is a sensitive time with the approaching presidential election and the general election in April of next year.”

Vice Chairman of KCCI Kim Sang-yeol said, “The special prosecution can multiply and distort numerous arguments because of its exceptionality. It won’t be too late to adopt it after watching the progress of the investigation because the prosecution is showing its strong will to probe the case strictly and fairly.”

“We are worried that the expansion of the controversy around this situation with unverified facts will have seriously negative influence on not only the enterprise concerned but the overall economy and society as well. We beseech the politicians and people to give us productive help so that we can concentrate on our business activities in a time when Korean enterprises are going through a difficult time due to high costs, low efficiency, growing global competition, and high oil prices,” he continued, appealing to the people.

Samsung Group is revising its measures to largely diminish or cancel its ceremony scheduled on December 5 celebrating the 20th anniversary of Chairman Lee Kun-hee’s inauguration as chairman.

It also decided to diminish the scale of the 20th anniversary memorial service honoring Samsung Group founder Lee Byung-chul, initially planned to be held on November 19 at Hoam Art Hall in Sunhwa-dong, Jung-gu, Seoul, which was to be attended by distinguished figures in various fields, and to instead hold a memorial at the burial chamber inside Hoam Gallery in Yongin, Gyeonggi Province.