South Korea's industry ministry has launched an audit into a press release containing false statistics by the Korea Chamber of Commerce and Industry. Industry Minister Kim Jeong-gwan (김정관) held an emergency meeting on pending issues on Sunday with full-time vice chairmen of six economic groups at the Korea Trade Insurance Corporation in Seoul's Jung-gu district. Attendees included the Korea Chamber of Commerce and Industry, the Federation of Korean Industries, the Korea International Trade Association, the Korea Employers Federation, the Korea Federation of SMEs and the Korea Enterprises Federation.

The meeting was convened to discuss the fake news issue triggered by the chamber's press release. Kim said, "As the minister in charge overseeing the Korea Chamber of Commerce and Industry, I deeply apologise to the public."

Kim said a press release distributed by the chamber on Feb. 3 titled 'South Korea ranks 4th globally in outflow of wealthy people due to inheritance tax burden' was a case of a statutory organisation forgetting its public duty. The chamber cited estimates by a private immigration consulting company with the aim of improving the inheritance tax system. But the statistics were not from a professional survey institution.

Kim said the chamber cited and spread the data without going through even minimum verification procedures, and mentioned it interpreted the data by arbitrarily linking it to the inheritance tax issue.

The press release also included that the outflow of millionaires doubled to 2,400 over the past year. The National Tax Service said the annual average was only 139. Kim said, "This is a serious matter that throws the public and the market into confusion and undermines trust in the overall policy environment."

The industry ministry has immediately begun an audit into the entire process of drafting, verifying and distributing the chamber's press release. Based on the results, it plans to hold those responsible strictly accountable, including disciplinary action and legal measures. The chamber issued an apology statement at the meeting.

The industry ministry also said it will regularise policy meetings with major groups and associations from the end of this month to minimise gaps between government policy and the field.