South Korea Boosts Economy By Granting Pardon To 6,500 Convicts

South Korea Boosts Economy By Granting Pardon To 6,500 Convicts
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South Korea intends to grant pardon to more than 6,500 convicts in a bid to enhance its economy. Many of the inmates eligible for pardon were convicted of minor offenses and driving charges.


Justice Minister Hyun-woong said on Thursday the pardon takes effect beginning Friday. It was also clarified that neither politicians nor heinous criminals are qualified for pardon.

Customary practice

South Korea makes it a custom to release convicts via pardon in honoring certain national holidays. Complementing the pardon is the lifting of official suspensions to more or less 2,000 construction firms that they may resume doing business.

The rationale behind pardon is similar to the lifting of suspensions. Many of those convicts maintain businesses and serving terms in prison would definitely aggravate if not halt their businesses, says a report from KSL.

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Growing economy

In 2014, South Korea recorded a growth in its economy by 3.3 percent and it forecasts to maintain such growth from 2015 to 2016. Chey Tae-won, chairman of SK Group, a huge conglomerate in South Korea is among those who will receive a pardon, which according to the news would be his second for financial charges.

SK Groups maintains massive interests in dozens of companies in South Korea. Forbes, as quoted, reported Chey’s net worth at $4.5 billion. Lee Kun-hee, third child of Samsung’s founder Lee Byung-chul, is among those who benefited twice from pardon. His net worth is $9 billion according to Forbes.