"Let's Make the KOSPI Reach 5,000": Extreme Remarks in Samsung Electronics Union Telegram Chat Spark Outrage

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[The Financial News] As Samsung Electronics management and labor return to the bargaining table over bonus payment rules, a series of remarks inside the union suggesting a major blow to the national economy from a general strike is causing controversy. Tensions are rising as one member even spoke of sending the KOSPI into a sharp decline.
According to industry sources on the 18th, a member of the Samsung Electronics supra-enterprise labor union recently wrote in a Telegram chat room used by the union on social networking service (SNS), "Let's make the KOSPI drop hard through the strike," and claimed, "I will help achieve President Lee Jae Myung's goal of reaching KOSPI 5,000."
The remarks are being interpreted as a warning that if the union's demands are not accepted, it will push ahead with a general strike on the 21st and bring about the large-scale national losses that industry and political circles fear.
Industry experts say the strike could halt Samsung Electronics' production lines and trigger a chain reaction across customers and suppliers, potentially causing economic damage of up to 100 trillion won.
The United States of America has also voiced similar concerns, warning that it may consider restructuring supply chains that are heavily dependent on Samsung Electronics. In response, the government has indicated that it may even invoke emergency arbitration powers, given the seriousness of the situation.
\r\nIn the same chat room the previous day, members also said, "Samsung Electronics is something we should just get rid of," and "If we are broken this time, there will be no Samsung Electronics again." They went on to say, "If it means splitting off, then do it. We will take responsibility for bringing it this far," and "We have acted according to the law, and we'll do what we want. Let's go all the way to a breakdown," making clear that they would not back down on their demands.
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\r\nThe union strongly opposed the government's possible use of emergency arbitration powers and made clear that it would maintain a hard-line stance in future renegotiations. Choi Seung-ho, the union chairman, said, "They said the union would be in trouble if the company moved to emergency arbitration or mediation, so I said, 'Let's stop talking,' and walked out." He added, "They are pressuring us by saying the union will suffer major damage, but we will not back down."
Meanwhile, the union has warned that if negotiations collapse, it will launch a large-scale general strike involving up to 50,000 people for 18 days starting on the 21st.
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hsg@fnnews.com Han Seung-gon Reporter