SEOUL (Reuters) -South Korean Finance Minister Koo Yun-cheol said on Tuesday the government and the ruling party would ease some criminal punishments for businesses to allow more leeway for corporate activities.
“Concerns have consistently been raised that excessive economic punishment restricts creative human economic activity,” Koo said at a meeting with leaders of the ruling Democratic Party.
Democratic Party floor leader Kim Byung-kee said the party planned to abolish breach of trust in criminal charges to reduce excessive punishments that stifle business activities.
President Lee Jae Myung in July had ordered officials to review and restructure the criminal punishment system for businesses to promote corporate investment, citing abuse of breach of trust charges.
While easing criminal penalties, Finance Minister Koo said, the government would first impose administrative punitive actions against minor misconduct.
(Reporting by Ju-min Park; Editing by Tom Hogue)
