Sk group chairman chey tae-won:on, who heads the Korea Chamber of Commerce and Industry (KCCI), on Thursday called for all-out reform of the business lobby following a controversy over misleading press material that President Lee Jae Myung slammed as "fake news." "There have been questions over the credibility of the data, and we have acknowledged such issues," Chey said in a statement sent to KCCI employees. "Just coming up with preventive measures, such as enhancing the fact-checking process, is not enough."
According to Yonhap News Agency, Chey urged individuals to reflect on their roles and engage in their duties with a commitment to rebuilding the organization. He noted that the KCCI will temporarily suspend hosting public events. Last week, the KCCI issued a press release claiming the number of wealthy individuals who left South Korea reached 2,400 in 2025, doubling from a year earlier, due mainly to high inheritance tax, citing data from Britain-based Henley and Partners.
Over the weekend, Lee condemned the release as "intentional fake news" in a social media post, stating that those responsible must be held accountable and measures must be taken to prevent a recurrence. The KCCI shortly issued an apology while vowing to come up with follow-up measures.
Chey also asked employees to develop viable policy recommendations for key agendas, such as regional development, economic polarization, tariff negotiations, and fostering the artificial intelligence (AI) industry, instead of focusing on the quantity of reports the KCCI releases. "We need to promptly and firmly carry out internal reform to become a more reliable organization based on the current crisis," he said.