Top > Business > 2007 > February > 2007-02-15

South Korea Announces Amnesty

South Korea announced it will pardon more than 430 business and political leaders, who were imprisoned for various reasons, in an attempt to strengthen the economy, more than 10 years after the collapse of Asian markets. The list the Korean parliament members agreed upon included Park Yong-sung, former Chairman of the Doosan Heavy Industries & Machinery Co construction boss and International Olympic Committee member, as well as, sons of two former presidents.

Officials say, the list does not include Kim Woo-joong, founder and former chairman of the Daewoo Group, serving jail time for fraud, mainly because of the shear price of saving his bankrupt business. Kim was prosecuted to 8 years and 6 months in prison for fraud and embezzlement. Daewoo crashed in 1999, under the heavy pressure of its $82 billion debt. The government was forced to spend $32 billion to save the failing company. 160 of the 434 pardon recipients are business people, mostly tried and sentenced for embezzlement, fraud, tax evasion or bribery. Park, who was sentenced last year for an embezzlement of $30 billion of the Doosan Co. He received a 3 year sentence and a $8.2 million fine.

"This measure is expected to provide momentum for creating new jobs and a second economic leap forward and laying a stepping stone towards national reconciliation," said justice minister Kim Sung-ho. Presidential amnesties are quite a frequent occurrence in South Korea, usually set to coincide with national holidays and momentous anniversaries.