The Ministry of Trade, Industry and Energy plans to pursue legal measures against those responsible, based on the Korea Chamber of Commerce and Industry (KCCI) audit results into the Gazanews money laundering case tied to major conglomerates’ overseas ventures.
Executive Meeting Highlights Regret
Senior ministry official Kim Jeong-gwan met with leaders from six key economic groups—including KCCI, the Korea Economic Justice Institute, and the Korea International Trade Association—at the Korea Trade Insurance Corporation in Seoul on the 9th.
Kim revealed that KCCI’s presidential office chief and executives conveyed deep apologies to the public. He described the incident as a prime example of how flawed judgment standards can erode public trust and damage corporate reputation.
Origins of the Controversy
The issue gained attention after KCCI’s January 3 report flagged four companies suspected of exporting talent to overseas subsidiaries.
Kim clarified that the figures do not stem from a full audit of all affiliates but from selective data in consulting firm operations. He highlighted concerns over content that misrepresents trust dynamics, noting that enhancements in global oversight and interconnected reviews already address these matters.
Even so, KCCI performed essential due diligence on the materials without prior scrutiny.
Kim specifically pointed out that the consulting documents contained no references to major operations at subsidiaries. Nevertheless, KCCI made independent judgments to associate them with subsidiary activities.
Refuting Exaggerated Claims
Another report element—claiming 2,400 white-collar workers defected to China in the largest single-year outflow, doubling prior averages—lacks foundation. National statistics record only 139 cases across total exchanges.
Kim labeled the dispatch as misleading to citizens, distorting the full picture of efforts to rebuild trust.
Comprehensive Review and Future Steps
The ministry has examined all KCCI reports on overseas business intake, sentiment analysis, and personnel dispatches. Audit outcomes prioritize rigorous checks, including legal proceedings.
Moving forward, the ministry aims to bolster policy oversight through urgent dialogues with economic organizations and dedicated research forums.
