South Korea's president Park Geun-hye pardoned 6,527 individuals on Thursday in a move design to spur economic growth and lift the nation's spirits. Among the most high-profile of these is Chey Tae-won, head of the country's third-biggest conglomerate SK Group, and who was serving a four-year prison sentence for embezzling nearly $47 million. "I decided to grant special pardons in order to help forge national reconciliation and revitalize the economy as well as to boost people’s spirits," said President Park in a cabinet meeting, reports The Wall Street Journal.

The pardons highlight South Korea's often uncomfortable relationship with its chaebol — huge conglomerates that include global brands such as Samsung, LG, and Hyundai. These are often run by families that pass down the top job from generation to generation and they dominate the country's economy, with the four largest making up around 40 percent of South Korea's stock market capitalization. The SK Group, for example, has interests in industries including construction, shipping, and petroleum, as well as running the country's largest wireless mobile network provider SK Telecom.

In her 2012 presidential campaign, Park had promised to "strictly limit" pardons to chaebol executives, but it's thought that the country's slowing economy has led to a change in policy. Last month, the government announced a $20 billion stimulus package after cutting its growth estimates from 3.8 percent to 3.1 percent, and on Thursday, Park told her cabinet: "The pardons have included some businessmen, for the tasks we face, economic revival, and job creation."