Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, emphasized that restoring external trust and strengthening internal unity are important in connection with the recent controversy over a press release about inheritance tax.
On the 2nd, Chey held a town hall meeting at KORCHAM in Jung-gu, Seoul, with about 200 executives and employees attending, and said, "I, too, felt regret watching this situation," adding, "Stabilizing the organization and restoring external trust are the top priorities, and to do so, the inside must unite as one."
The discussion that day ran about 10 minutes longer than scheduled, lasting a total of 1 hour and 40 minutes. Chey was said to have taken questions from the floor without prepared answers and shared candid views.
Chey said, "It is a difficult time, but after watching for five years as chairman of KORCHAM, I believed we could overcome it," adding, "But it cannot be done with just today. We must diagnose where we ourselves are hurting, think about what more we should try, and focus more on internal communication."
KORCHAM earlier distributed a press release in Feb. stating that the burden of inheritance tax in Korea is excessive and that many high-net-worth individuals are leaving. The release cited the findings of an overseas firm, but later faced a so-called "fake news" controversy after questions were raised about the firm's credibility.
Afterward, Chey said, "I take full responsibility," adding, "We will use this as an opportunity to overhaul our decision-making structure and internal control system, not stopping at stern measures against those involved."
KORCHAM pushed forward "three major reforms" — strengthening expertise, redefining social responsibility, and innovating organizational culture — while also carrying out executive appointments and a restructuring.