South Korean Industrial Production Rises In March

A special committee in South Korea adopted a report led by the Democratic Party following clashes between ruling and opposition parties. The committee identified 31 witnesses for potential perjury or oath-breaking charges. The Democratic Party reported that the special committee confirmed the reality of manipulated indictments and will pursue a special prosecutor. The party intends to move quickly to pursue a special counsel investigation. Conversely, the People Power Party criticized the move, claiming statements from former chairman Kim Seong-tae and former vice chairman Bang Young-cheol proved the allegations of manipulation were baseless. The People Power Party further described the push for a special counsel as a self-pardon attempt by President Lee Jae-myung. The committee requested in-depth discussions to ensure that cases with ongoing trials or final judgments are not subject to improper involvement during the legislative review process. The committee, led by the Democratic Party, held its final meeting following 42 days of proceedings that began on March 20. The committee plans to file complaints against 31 individuals, including prosecutor Seong Yong and former Ssangbangwool Group Chairman Kim Seong-tae, on charges including perjury. The People Power Party maintains a different stance on the matter. The automotive sector grew by 7.8%, machinery and equipment by 4.6%, and other transport equipment by 12.3%. Conversely, semiconductor production decreased by 8.1% following a record 28.2% increase in February.