The exterior view of the Korea Chamber of Commerce and Industry building. (Image provided by KCCI)
SEOUL, Feb. 11 (Korea Bizwire) — South Korea’s industry minister on Tuesday issued a renewed apology over a controversy surrounding the Korea Chamber of Commerce and Industry, a government-supervised business group accused of spreading misleading statistics about wealthy Koreans leaving the country.
Appearing before the National Assembly, Industry Minister Kim Jung-kwan said he “deeply apologizes” for the chamber’s recent report, which claimed that high inheritance taxes had driven roughly 2,400 affluent individuals overseas last year. The figure, he noted, had been cited without sufficient verification and had prompted an official audit.
“The organization, which should be grounded in credibility, released distorted and unverified information,” Kim said, pledging to tighten oversight so the chamber could regain public trust.
The controversy erupted after the chamber published a news release on Feb. 3 asserting that inheritance taxes of up to 50–60 percent were fueling a surge in wealthy emigration.
The claim relied on data from Henley & Partners, a British-based immigration consultancy whose methodology — including the use of social media profiles to estimate relocation — has drawn criticism from international media outlets for its lack of rigor.
Government officials later said the actual number of high-net-worth individuals emigrating annually was closer to 139 — roughly one-seventeenth of the chamber’s estimate.
Seoul Orders Audit of Business Lobby Over Wealth Exodus Claim (Image supported by ChatGPT)
The dispute escalated when President Lee Jae Myung publicly denounced the report on social media as “intentional fake news,” prompting sharp rebukes from multiple Cabinet members. Kim ordered an immediate audit of the chamber, while Finance Minister Koo Yun-cheol warned of accountability for the dissemination of false information.
Under mounting pressure, the chamber issued two apologies within days and pledged sweeping internal reforms. It said it would strengthen its fact-checking system, introduce mandatory multi-layer verification of statistics and require staff training to improve analytical capacity.
The group also appointed a senior economist with a background at the Bank of Korea to oversee fact-checking and announced plans to involve independent outside experts in reviewing future publications.
Separately, Kim sought to calm concerns that disputes over non-tariff barriers could affect ongoing tariff negotiations with the United States.
While acknowledging that such issues exist, he said they are “manageable” and noted that his American counterpart had expressed hope that pending legislation on South Korean investment in the United States would pass, potentially paving the way for tariff normalization.
For the chamber, however, the immediate challenge lies closer to home: restoring credibility after a misstep that has ignited a rare public clash between a leading business lobby and the country’s highest office.
Ashley Song (ashley@koreabizwire.com)
