Current South Korean President Yoon Suk-Yeol pardoned Samsung Electronics’s Vice Chairman Jay Y. Lee on Friday, claiming that Lee is essential in revitalizing South Korea’s economy after their recent “national economic crisis.” 

Lee was released with a pardon after serving 18 months in jail for a bribery scandal involving former president Park Guen-Hye in 2017. This scandal exposed South Korea’s fraudulent political antics, eventually leading to Park Geun-Hye's impeachment and the apprehension of South Korea’s business tycoons. 

In addition, also pardoned was Lotte Group’s chairman Shin Dong-bin, who was sentenced to two-and-a-half years in prison on the charge of bribery relating to the former president, Park. 

Lee and Shin will return to their business activities with hardly any legal restrictions, indicating that both now have total control over their companies’ development and investments. 

Currently, South Korea is heavily dependent on its technology and exports, dealing with hyperinflation, slow spending, and loss of consumer confidence. 

Samsung, the world’s largest smartphone maker, holds over 20% of South Korea’s entire GDP.  Almost 85% of the South Korean economy comes from 64 family-owned conglomerates, and much of that percentage comes from Samsung and Lotte. The Chaebol society (the highest-economic class) in South Korea practically runs the country. 

Due to this, Justice Minister Han stated, "With urgent needs to overcome the national economic crisis, we carefully selected economic leaders who lead the national growth engine through active technology investment and job creation to be pardoned.” 

In a statement, Lee claimed to help improve the national economy “with continuous investment and job creation.” Lotte also asserted in that Shin would help in “overcoming the complex global crisis.” 

Business analysts claim that with their return, both companies will have major upcoming projects and investments. 

Although this pardon has created massive controversy in South Korea, many citizens supported this decision in hopes of improving their country’s power. 

By Emilie Chi