7 Leading Tycoons Granted Amnesty

The government announced amnesty for seven tycoons, including the chairmen of the Samsung and Daewoo groups, convicted of bribing former President Roh Tae Woo. The amnesty had been expected, since the seven heads of family-controlled conglomerates received suspended sentences of between 1 1/2 years and 2 1/2 years and had not been imprisoned. The clemency order, which goes into effect Saturday, will also benefit 16 other executives convicted of tax evasion, embezzlement or bribery. Justice Minister Kim Jong Koo said the clemency order was aimed at promoting national recovery and the nation’s economic recovery.