“In Unity, We Will Protect the Lives of the People”
Financial News – Kim Byung-ki, the floor leader of the Democratic Party of Korea, announced on the 30th that the ruling party and the government have established plans to abolish the crime of breach of trust. He emphasized that they would continue to drive ‘people’s livelihood reform legislation’ by uniting as one. Earlier that morning, the Democratic Party held a party-government consultative meeting and unveiled the first phase of plans aimed at rationalizing economic penalties and strengthening civil liability, with the abolition of the crime of breach of trust as the foundation.
In a subsequent floor strategy meeting at the National Assembly, Kim stated, “Excessive economic penalties hinder corporate innovation, turning mere managerial decisions into criminal cases repeatedly,” and noted that “small business owners and the self-employed are also being criminally prosecuted over simple mistakes.” He added, “The discussion on abolishing the crime of breach of trust is along the same lines and represents a choice for the people’s economy, national competitiveness, and future growth rather than a political battle.”
Furthermore, Kim declared, “We will transition from focusing on criminal penalties to establishing a predictable legal order and rational sanction system, transforming the laws and institutions,” and that “legitimate corporate activities will be supported while those disturbing market order will be held accountable.”
Additionally, Kim emphasized, “Many bills related to people’s livelihood reform are still awaiting in the National Assembly,” pointing out that “the global economy is in turmoil, and there are strong pressures surrounding the Korea-US tariff negotiations.” He added, “Many citizens are waiting for tangible outcomes they can truly feel,” and that “as the ruling party, we will approach this with a profound sense of responsibility.”
To that end, Kim stressed, “More than ever, the party and government will unite wholeheartedly to devote all efforts to safeguarding the lives of the people,” and promised, “We will repay the trust and expectations of the people through actions, not words.”