December 20, 2007 05:10am
LEE Myung-Bak won South Korea's presidential election by a landslide overnight, as voters backed the former Hyundai chief executive to revive the economy and disregarded fraud allegations against him.
Mr Lee's two closest rivals conceded defeat to the opposition conservative candidate, whose victory ends a decade of left-leaning rule.
Official results with 89 per cent of the vote counted gave him 48.2 per cent to his closest challenger's 26.7 per cent, the biggest victory margin in the nation's democratic history.
"Dear people, today you gave me overwhelming support," the Grand National Party (GNP) candidate said in brief comments to the electorate after a rapturous welcome at party HQ.
"I will serve you politely and humbly...I will do my best to revive the country's economy which is facing a crisis."
Mr Lee's nearest rival, Chung Dong-Young of the liberal pro-government United New Democratic Party, and right-wing independent Lee Hoi-Chang conceded defeat.
"I humbly accept the people's choice," said Mr Chung, who seemed close to tears.
Koreans grappling with high youth unemployment, an ever-widening income gap and soaring property prices gave the candidate whose slogan was "Economy First!" the unprecedented mandate despite a looming fraud investigation.
GNP headquarters erupted with joy when exit polls flashed on a screen. Officials and supporters hugged each other, wept and yelled "Hurrah!"
Thousands of others celebrated in the streets in near-zero temperatures, chanting "Lee Myung-Bak!" setting off firecrackers and cheering and dancing.
Mr Lee, who turned 66 on polling day, will be the nation's first leader from a business background and the first president-elect to face a criminal inquiry.
He will be inaugurated on February 25 to replace incumbent Roh Moo-Hyun, who congratulated his successor on his victory.
State prosecutors cleared Mr Lee early this month of involvement in a 2001 share-rigging fraud involving his former business partner, an issue which had dogged his campaign.
But apparent new video evidence surfaced on Monday of Mr Lee's past connection to a firm linked to the scandal, prompting rivals in parliament to vote for an inquiry by an independent prosecutor.
Media reports said the prosecutor may report just before the inauguration but most voters were clearly willing to accept the awkward situation.
"I saw the video clip but I don't care about anything else but my livelihood," said a small restaurant owner who gave his name as Han. "My business is so bad these days."
Despite the share scandal, in which Mr Lee strongly denies involvement, many see him as having the best background to boost the economy.
The man once nicknamed the "bulldozer" rose from childhood poverty to become a Hyundai construction executive and mayor of Seoul, where he pushed through an ambitious and hugely popular waterway beautification scheme.
Mr Lee's "747" campaign pledge aims to achieve seven percent growth, increase per capita income to $US40,000 ($46,606.47) and make South Korea the world's seventh largest economy by encouraging market forces.
"I know many people are now in a difficult situation," he told cheering supporters in a televised message.
"I will solve their problems... I will show you that we can do anything if we all work together."
Apart from the economy, Mr Lee promises a firmer line on North Korea, accusing the Roh government of pampering the communist state with unconditional aid. He said he would offer it massive help but strictly tied to denuclearisation.
"The election outcome was amazing," Sungkyunkwan University political science professor Kim Il-Young said.
Prof Kim said Mr Lee might have benefited from the lowest ever turnout in a Korean presidential election of 62.9 per cent.
"The disclosure of the video claim prompted conservative voters to band together while many liberal voters gave up and did not vote," Prof Kim said.
"The outcome reflected widespread public despair at President Roh's administration."
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Updated at 1:55PM PST by CNN
SEOUL, South Korea (CNN) -- Lee Myung-Bak, a former Seoul mayor and Hyundai executive currently facing investigation amid allegations of fraud, won South Korea's presidential election Wednesday by a landslide....
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