hankyoreh

Lee Myung-bak, the presidential candidate of the Grand National Party, said he would donate some 30 billion won worth of personal assets to society. In a televised speech made on December 7 and broadcast on national station KBS, Lee said, “I will donate all of my assets to society, except for a house for me and my wife.”

“For now, my wish is to help our neighbors and develop the country,” Lee said. “To that end, I think I should return my wealth to society.” He added, “I have wanted to do this for a long time, but suspended the plan because of the prosecutors’ investigation. As the matter has been cleared up, I am announcing my plan to the people with a free and easy feeling,” Lee said, referring an announcement made by the prosecution earlier this week. On December 5, the director of a special prosecutorial team said they found no evidence that Lee was involved in fraud or stock price manipulation at the now-bankrupt investment advisory company BBK.

Lee went on to say, “I will keep my promise, regardless of whether or not I win the presidency.”

Regarding how the money will be disbursed, Lee said, “I will decide after discussing it with campaign staff.” People close to Lee say he may establish a public foundation or a scholarship fund.

According to data released by the National Election Commission, Lee’s personal assets have been valued at 35.3 billion won, or US$38.4 million. His holdings include several plots of land in wealthy neighborhoods in southern Seoul, including land in Nonhyeon-dong valued at 1.15 billion won, a house in Nonhyeon-dong valued at 5.12 billion won, the Yeongpo building in Seocho-dong valued at 11.88 billion won, a commercial building in Seocho-dong valued at 9.04 billion won and the Yeongil building in Yangjae-dong valued at 6.89 billion won.

Regarding allegations that Lee had doctored some documents to make it look like his son and daughter worked at his building management company, Lee said, “I apologize for causing trouble. After having learned a lesson from the things I’ve done wrong in the past, I will strictly control myself with regard to trivial matters,” Lee said.

The announcement by Lee about the public donation was not in violation of election laws, officials at the NEC said. Ahn Hyo-soo, an NEC spokesman, said, “It isn’t an act of donation when a candidate says he or she will return personal assets, without specifying who will receive the money. In the Seoul mayoral election in 2002, Lee said, ‘I won’t receive a salary if I’m elected.’ The remark wasn’t in violation of election laws.” The election law states that a candidate cannot donate money during the official campaign period, which lasts 23 days.

However, other presidential candidates have strongly accused the GNP candidate of having “no credibility.” Choi Jae-cheon, a spokesman for the United New Democratic Party, said, “Just as Samsung and Hyundai made donations to atone for public criticism over inheritance tax evasion and illegal profits, the perception that ‘money talks’ is reaching the level to which the presidency can be bought.”

Lee Hye-yeon, a spokeswoman for independent candidate Lee Hoi-chang, said, “Before making a public donation, he must explain the nature of his assets, including the controversial land in Dogok-dong and his possible ownership of DAS.”

Lee has been accused of being the true owner of an expensive piece of land in the wealthy Dogok neighborhood in southern Seoul, which he claims is owned by his elder brother. Earlier this week, a special team assembled by the prosecution concluded its investigation into allegations against Lee by reporting that the owner of the land is in fact a third person, but failed to specify who that person is.

The prosecution also cleared Lee of allegations that he was involved in stock price manipulation at the bankrupt investment firm BBK. In that case, Lee was alleged to have been the true owner of the automotive parts manufacturing company DAS, which was a major investor in BBK. Lee has maintained that he was not involved with BBK, and that DAS is owned by his elder brother and brother-in-law.

Kim Kap-soo, a spokesman for the Create Korea Party, said, “He has no credibility because he evaded taxes to save several millions of won.”


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