Industry Ministry Audits KCCI Over 'Fake News' Scandal

The Industry Ministry Launches Audit Into 'Fake News' Incident

The Industry Ministry has initiated an investigation into the recent 'fake news' incident involving the Korea Chamber of Commerce and Industry (KCCI).

During an emergency meeting with major business groups, Minister Kim Jung-kwan expressed concern over the KCCI's release of data suggesting a significant increase in affluent individuals leaving Korea. The minister noted that while the KCCI cited statistics from a British immigration consulting firm, these figures do not directly correlate to inheritance taxes.

Kim stressed the need for transparency and accuracy in such releases to maintain public trust and market stability. The audit is expected to review the process by which the press release was created, verified, and distributed.

The KCCI has faced criticism for linking capital outflow with inheritance tax policies, a claim that the Ministry disputes. The National Tax Service's data shows only an average of 139 wealthy individuals move overseas annually, contradicting the KCCI's figures.

Minister Kim has vowed to take appropriate measures against the KCCI if necessary, ensuring accountability and preventing similar incidents in the future.