Korea Enterprises Federation (FEK) said on Tuesday that it has sent a signed petition of local business leaders to the Blue House, South Korea's Presidential residence, requesting a pardon for Samsung vice chairman Lee Jae-yong.
The federation said the petition was signed by its chairman Sohn Kyung-shik, Korea Chamber of Commerce and Industry chairman Chey Tae-won, Korea Federation of SMEs chairman Kim Ki-mun, Korea International Trade Association chairman Christopher Koo, and Federation of Middle Market Enterprises of Korea chairman Kang Ho-gap.
According to the FEK, the petition stressed the importance of semiconductors in the current global business environment. In the US, President Joe Bien was announcing support for their local chip industry, while other competing countries were also pushing strongly for investments into the sector.
The petition claimed South Korea’s chip industry was also facing a new challenge and crisis. The absence of a leader [for Samsung] who needs to command management during this intensifying competition in the semiconductor industry could cause delays in bold investments and decisions, which could cause [South Korea] to lose its leading position, the petition said, according to the FEK.
The government and businesses must join hands in this important time to secure global competence and lead the industry, the petition said.
It asked the Blue House to make a decision for reconciliation and embrace for the vice chairman so that he could contribute in recovery of the South Korean economy as well as to the citizens. The petition also said companies must be punished for their wrong practices and transgressions severely and commit to fierce reflection on their behavior, but at the same time, their roll was to invest and create jobs to contribute to the development of the nation, according to the FEK.