Samsung Electronics Vice Chairman Lee Jae-yong / Korea Times file

By Lee Kyung-min

Calls are mounting to pardon Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin, fanned by expectations of an economic recovery led by the private sector to navigate Korea's economy, which faces challenging downside risks both from within the country and abroad, according to market watchers, Friday.

Many say President Yoon Suk-yeol should pardon the top corporate decision makers, who were indicted on bribery charges, in order to stimulate investments and create more jobs, helping the economy deal with the protracted COVID-19 pandemic and surging prices of goods and services.

Most expect the presidential pardon will come on Aug. 15 Liberation Day. Whether political figures, including former President Lee Myung-bak and former South Gyeongsang Province Governor Kim Kyoung-soo, will be eligible for the special pardon remains to be seen.

Lotte Group Chairman Shin Dong-bin / Korea Times file

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who doubles as SK Group chairman, stressed the need for special pardons, Thursday.

"I have long maintained that business leaders should be granted more leniency if circumstances allow," Chey said during a press briefing at Haevichi Hotels & Resorts on Jeju Island.

"I'm asking for an environment whereby business activities can proceed more freely and extensively to help weather economic challenges," he added.

The comment came less than a day after Prime Minister Han Duck-soo said pardoning business leaders will help boost the economy.

"Exploring the possibilities of pardons will not be considered too out of bounds in the eyes of the public, as the convicted figures have served prison terms," he said during a press conference at Korea Press Foundation in Seoul, Wednesday.

The ruling People Power Party's acting chairman and floor leader Kweon Seong-dong echoed similar sentiments on Friday.

Presidential pardons granted by previous administrations were intended to unite the public and revitalize the economy, he said after a party meeting at the National Assembly in Yeouido, Seoul.

"I do not know who would be eligible, nor do I have any intention to recommend a list of names that I think should be pardoned. That will and should be determined only by the president."

The Ministry of Justice is currently reviewing the list of special pardons on the occasion of Aug. 15 Liberation Day. It will be finalized before the end of this month.

Both Lee and Shin were sentenced to two and a half years in prison, following a conviction in a protracted corruption trial involving disgraced former President Park Geun-hye.

Lee was in prison from Jan. 18 to Aug. 13, 2021, when he was released on parole.

Shin's sentence was suspended for four years.