Kim Young-sam, South Korea's 14th president, passed away on November 22 at 12:21 a.m. after being hospitalized with symptoms of sepsis, according to Seoul National University Hospital (SNUH). He died of a blood infection and heart failure, the SNUH said.
The 88-year-old former president had been treated for a series of strokes and pneumonia in recent years at SNUH.
“Former President Kim Young-sam was an iconic figure of South Korea's pro-democracy movement. He staged a 23-day hunger strike to push for political freedoms. After he took office as the nation’s 14th president, he decisively carried out social reforms, including the introduction of the “real name” financial transaction system and the disbandment of the Hana- hoe (a secret military clique),” said the ruling Saenuri Party.
“We deeply mourn for the death of the lodestar of the nation’s pro-democracy movement and the first civilian leader of South Korea’s modern democratic era,” the Sanuri Party added.
“Former President Kim was a great man in the history of South Korea’s democratic transition. He will go down in the nation’s political history as one of South Korea’s greatest presidents,” said the main opposition New Politics Alliance for Democracy (NPAD).
“He was elected president in 1992, thereby putting an end to 32 years of military rule in South Korea. He contributed greatly to the advancement of democracy in the nation by carrying out drastic reforms, including the dismantling of the Hana- hoe (a secret military clique), the introduction of the “real name” financial transaction system, mandatory disclosure of public officials’ wealth, etc.” the NPAD continued.
“In particular, he elevated the Gwangju Uprising into the Gwangju Democratic Movement and brought to justice those responsible for the bloody crackdown on the Gwangju Democratic Movement. It was a turning point for the nation’s efforts to straighten out the nation’s unfortunate past,” the NPAD mentioned.
“There are blots on his political legacy such as the controversial 1990 three party merger and the humiliation of a USD 58 billion bailout from the International Monetary Fund during the Asian financial crisis. However, his achievement in deepening the democratic process will go down in history. We’d like to offer our deepest condolences on the passing of our former leader,” the NPAD added.
A state funeral will be held for the late former President Kim Young-sam and Kim will be buried at the National Cemetery in Seoul. The coffin will be borne out on November 26.
“He is credited with rooting out corruption and making Korean society more transparent through the “real name” financial transaction system and mandatory disclosure of public officials’ wealth. During Kim Young-Sam's presidency, South Korea joined the OECD club of developed nations. Thus, the profile of the Korean economy was improved and the public felt proud to be Korean,” The Federation of Korean Industries said on November 22.
“The late former President Kim Young-sam devoted his entire life to the advancement of democracy in the nation. He led economic reforms by introducing the “real name” financial transaction system and the real name real estate transaction system. Also, he was an anti-corruption fighter. He disbanded the Hana- hoe and made disclosure of public officials’ wealth mandatory,” said the Korea Chamber of Commerce and Industry (KCCI).
“Bearing in mind that former President Kim Young-sam strived to develop the Korean economy through change and reform, the members of the Korea Chamber of Commerce and Industry will take pains to expedite the development of the nation,” added the KCCI.
“Former President Kim Young-sam took the efficiency of the nation’s market economy to the next level by carrying out regulatory reforms that were commensurate with the size of the Korean economy and the sophisticated industrial structure in the 1990s.
In response to rapid globalization trends in the 1990s, he took giant steps towards market opening, which led to South Korea joining the OECD in December 1996. As a result, the international standing of the Korean economy was enhanced,” said the Association of High Potential Enterprises of Korea (AHPEK).
“Honoring his legacy and dying wishes, we will double our efforts for the revitalization and sustainable development of the Korean economy,” added the AHPEK.
