KCCI to Discipline Executives and Push Reform Plans After Audit

The Korea Chamber of Commerce and Industry (KCCI) has carried out follow-up measures, including dismissing executives and referring cases for investigation, based on the results of an audit by the Ministry of Trade, Industry and Energy. The KCCI was notified on the 20th of the audit findings concerning the 'Distribution of Press Releases on Inheritance Tax' and the 'Budget Execution for the Asia-Pacific Economic Cooperation (APEC) CEO Summit'. The KCCI stated its intention to faithfully implement the required measures.

The KCCI has dismissed Executive Vice President A and B, the executive in charge of the department, in relation to the inheritance tax press releases. For the APEC CEO Summit audit, C, head of the task force, has been processed for voluntary resignation, and an investigation has been requested to verify additional facts related to budget execution procedures. An investigation is also planned for D, head of the office, who faces charges of attempted embezzlement of accommodation expenses.

Park Il-joon, the Standing Vice Chairman, will step down after completing the follow-up measures, taking responsibility for the incident.

The KCCI takes the audit results seriously and plans to pursue reform measures centered on strengthening expertise and improving internal controls. To prevent recurrence, the KCCI has presented three major reform directions: strengthening expertise, redefining social responsibility, and innovating organizational culture. A new position, 'Head of Economic Research,' will be established to oversee research and investigation functions and the verification of external press materials, with plans to recruit an external expert. SGI, a research institute, will be reorganized into a separate research body with enhanced research functions. A data verification system and research ethics guidelines will be established, and internal evaluation methods will be shifted to a qualitative standard.