The Korea Chamber of Commerce and Industry (KCCI) announced immediate implementation of internal verification reforms and issued a public apology after President Lee Jae-myung labeled its press release on wealthy Koreans' emigration as "fake news."
"We deeply apologize once again for causing unnecessary confusion by citing statistics from an external organization without sufficient verification," KCCI said on June 9. "We take this matter very seriously and plan to significantly strengthen our internal verification system across all externally published materials to prevent similar incidents."
The swift response came after Industry Minister Kim Jung-kwan announced an audit and disciplinary measures, followed by criticism from Deputy Prime Minister for Economic Affairs Koo Yun-cheol and National Tax Service Commissioner Im Kwang-hyun.
KCCI Chairman Choi Tae-won, briefed on the matter during a business trip to the United States, reportedly instructed staff: "As a responsible organization, we should have scrutinized the data thoroughly. Ensure thorough measures to prevent recurrence."
The chamber will immediately launch training programs for all employees on statistical reliability verification and analysis capabilities. It plans to mandate multi-layered verification from the foundational stages of report preparation.
KCCI appointed a dedicated executive for fact-checking with statistical analysis expertise. Park Yang-soo, head of KCCI's Sustainable Growth Initiative (SGI), assumed the role the same day. Park previously served as Director of Economic Statistics and head of the Economic Research Institute at the Bank of Korea. The organization will also introduce a cross-verification system utilizing independent external experts.
Internal disciplinary proceedings will proceed separately from the Ministry of Trade, Industry and Energy's ongoing audit. KCCI said it will conduct its own investigation to clarify responsibility and impose appropriate accountability.
On June 3, KCCI had released data claiming 2,400 high-net-worth individuals left Korea last year—double the previous year and ranking fourth globally—while emphasizing the need to improve tax payment methods.
President Lee criticized the release on X (formerly Twitter) that morning, attaching a media column and writing: "I cannot believe that the Korea Chamber of Commerce and Industry, an official organization established by law, would publicly do such a thing."
The column cited by President Lee questioned the credibility of KCCI's data, noting the survey was conducted by a foreign immigration consulting firm using questionable methodology.
"Actions that produce and spread fake news for private gain and to attack government policy deserve condemnation," President Lee wrote. "Deliberate fake news intended to cloud citizens' judgment is an enemy of democracy. We must hold those responsible strictly accountable and establish preventive measures."
KCCI apologized the same day, stating it had "caused unnecessary confusion by citing external statistics without sufficient verification."