President Lee Jae Myung on Monday called for drastic reforms to remove unnecessary regulations that burden companies and deter investment. Speaking at a regulatory meeting in Seoul, he stressed that outdated punitive measures undermine business activity and discourage innovation.
Lee highlighted that minor fines often result in permanent criminal records, creating an excessive number of ex-convicts. He also criticized the frequent use of breach of trust charges, which can send business leaders to prison for investment decisions — a practice he said was unimaginable in other countries.
Instead, Lee proposed replacing criminal punishments with strict economic penalties to ensure accountability without stifling business risk-taking. He argued that such reforms would better address industrial accidents and corporate misconduct, while also encouraging growth and investment.
