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KCCI chair Chey Tae-won vows sweeping reforms after inheritance tax report debacle

Published: 12 Feb. 2026, 17:24 Updated: 12 Feb. 2026, 19:46

Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), delivers a New Year’s address at a Seoul city New Year’s reception at the KCCI Grand Hall in Seoul on Jan. 7. [YONHAP]

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), said on Thursday he will suspend events hosted by the business lobby and seek a vote of confidence from all executives after controversy erupted over flawed data in a report on inheritance taxes.

In an internal letter to KCCI staff, Chey acknowledged the damage to the chamber’s credibility and pledged sweeping reforms.

“It is painful that fundamental questions have been raised about our credibility due to issues concerning the reliability of data in the recent inheritance tax materials,” he said. “I deeply reflect on this and will carry out comprehensive change and reform.”

The dispute stems from a Feb. 4 press release in which the chamber said 2,400 high-net-worth individuals had left Korea due to the country’s high inheritance tax, citing a report by British immigration consultancy Henley & Partners. Critics said the consultancy’s report did not directly mention inheritance tax.

President Lee Jae Myung speaks during a Cabinet meeting at the Blue House in central Seoul on Feb. 3. [NEWS1]

President Lee Jae Myung shared a related news article on X on Saturday and described the KCCI’s press release as “fake news.” The Ministry of Trade, Industry and Energy said it would conduct a high-intensity audit.

The chamber later apologized, saying it “failed to sufficiently verify external statistics and caused confusion.”

Chey said tightening fact-checking procedures alone would not prevent similar incidents.

“We must take a hard look at whether our status as a statutory economic organization has led to complacency," he said. “Reform must begin from the top. I feel a heavy sense of responsibility myself.”

He outlined five reform measures, including a broad overhaul of the chamber’s organizational culture and policy priorities. He said the group would shift away from focusing on visible achievements, such as the number of proposals submitted, and instead present substantive policy alternatives on national issues, including AI development, youth employment, balanced regional growth, inequality and tariff negotiations.

Seoul Mayor Oh Se-hoon, left, and Korea Chamber of Commerce and Industry Chairman Chey Tae-won make a toast during the 2026 New Year’s reception at the Korea Chamber of Commerce and Industry building in Jung District, central Seoul, on Jan. 7. [NEWS1]

The chamber will halt events it organizes until it completes its internal review.

“Just as work at a site stops when a safety issue arises until the cause is identified and resolved, we will take a pause until we are ready to stand again as an economic organization that places public interest and truth above all,” Chey said.

He added, however, that the group would continue to participate in major national initiatives and provide support where needed.

Chey also pledged to strengthen expertise by recruiting outside professionals and creating conditions for internal staff to perform effectively in roles suited to their capabilities.

“We have keenly felt the high expectations of the public and the government. All members must carry a strong sense of social responsibility,” he said.

The chamber will also conduct a vote of confidence for all executives.

“I will return to the mindset I had when I first took office and fulfill all my responsibilities as chairman,” Chey said. “Let us use this crisis as an opportunity and swiftly and firmly complete our internal overhaul.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY PARK YOUNG-WOO [[email protected]]