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South Korea's Business Groups Urge People To Move Forward After Impeachment Decision

By March 11, 2017 at 9:07 am
South Korea’s financial market was calm on the day the Constitutional Court ruled to impeach President Park Geun-hye. (Photo : Getty Images)

South Korea's top business groups on Friday called on the people to refocus on what they called urgent and important issues facing the country's economy, now that the impeachment issue is finally over.

This appeal came after the Constitutional Court upheld the National Assembly's impeachment of President Park Geun-Hye, which effectively removed her from office.

The Federation of Korean Industries (FKI) said it respected the Constitutional Court's decision to remove Park, while offering what appears to be another apology for its involvement in the scandal, according to a report by the Yonhap News Agency.

FKI, the South Korea's biggest business lobby, reportedly used coercion to raise almost 80 billion won from its member companies, such as Samsung Electronics Co. and Hyundai Motor Co., for two sports foundations controlled by the former president's confidante Choi Soon-sil.

A number of FKI officials have been questioned by authorities over corruption charges, along with many heads of the group's member companies. Lee Jae-Yong, vice chairman of Samsung Electronics and the group's de facto head, continues to be in custody after he was arrested on Feb. 17 on bribery charges.

In a statement, the Korea International Trade Association (KITA) urged the people to return to their proper place and devote to their jobs. They also reminded the government of its role to improve the people's livelihood while implementing structural changes in the economy towards a free market.

South Korea's financial market was calm Friday despite the court's decision to impeach President Park.
Yim Jong-Yong, chairman of the Financial Services Commission (FSC), said that there is no need for investors and the financial industry to have any anxiety about the country's financial market. He added that the authorities have been closely monitoring the market situation round the clock.

The benchmark index, the KOSPI, added 6.29 points, up by 0.30 percent, to close at 2,097.35. The Korean won closed at 1,157.40 against the dollar, according to a report by The Korea Times. 

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