Kim Byeong-ki, the floor leader of the Democratic Party of Korea, said, "We will actively pursue the rationalization of economic crimes, including breach of trust," while announcing the launch of a task force to rationalize the economic crime civil system within the party. This statement was made ahead of the National Assembly's processing of the amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act, and the second Commercial Act amendment, which the business community has opposed, revealing the determination to mitigate side effects in the legislative process.
During a policy coordination meeting held at the National Assembly that morning, Kim, the floor leader, pointed out, "During the era of military dictatorship and authoritarian regime in the past, penal provisions were habitually enacted every time laws were made," and noted, "In particular, breach of trust has been exploited as a tool for pressuring corporations and economically vulnerable individuals in conjunction with abuse of power, obstruction of business, and dissemination of false information.
He said, "The business community argues that the abuse of economic crimes has a negative impact on corporate activities and global competitiveness," adding, "Voices are also growing concerned that if civil liability of directors to shareholders is strengthened in this amendment to the Commercial Act, it could lead to criminal punishment for breach of trust. It is true that foreign corporations feel burdened by investing in Korea."
He continued, "Now we also need to rationally organize economic crimes. Strengthening civil administrative responsibility is a global standard," and announced, "The Democratic Party will immediately launch a task force to rationalize the economic crime civil system in the National Assembly."
The floor leader added, "We will fundamentally reorganize breach of trust, abuse of power, obstruction of business, and dissemination of false information, while at the same time introducing systems to strengthen civil liability such as punitive damages, class action lawsuits, and Korean-style discovery."
He emphasized, "The rationalization of economic crimes is a reform that strictly holds illegal acts accountable while protecting the vulnerable," stating, "The Democratic Party will surely create a country where it is good to do business and a country that grows justly, which is a promise to the people."
The Democratic Party exhibited a somewhat reserved attitude regarding the business community's demand for the 'relaxation of breach of trust' during the handling of the first Commercial Act amendment on July 1, saying, "We will discuss it in the September regular session." This is because there is a flow indicating that the necessity for legal amendments is low due to a Supreme Court precedent stating, "Business decisions cannot be punished." However, the recent formalization of the policy to actively promote the rationalization of economic crimes is interpreted as an intention to encourage corporate participation in investment in the U.S. while mitigating the controversy surrounding the 'anti-business law.'