KOREA:South Korea's national assembly yesterday voted to launch an independent investigation into fraud allegations against Lee Myung-bak, the front runner in tomorrow's presidential election.
The inquiry could hurt the personal standing of Mr Lee, the candidate for the conservative Grand National party, and overshadow the early days of an administration led by him. However, it is unlikely to change the election outcome. Opinion polls put him almost 30 points ahead of his closest rival.
Yesterday's vote means an independent counsel will immediately launch an investigation into allegations that Mr Lee was involved with BBK, a financial company that went bankrupt and lost investors millions of dollars. Mr Lee has insisted he did not own the company and was a victim of fraud committed by a former business partner indicted on charges of stock price manipulation and embezzling €24 million.
Public prosecutors this month cleared Mr Lee of any wrongdoing but the pro-government United New Democratic party on Sunday released a video taken in 2000 in which Mr Lee brags about starting BBK. "I established an investment advisory firm called BBK in January and now I am preparing to establish a cybersecurities firm to do what is needed to keep the investment firm going," he says.
If he is elected, Mr Lee could still face prosecution as he would not benefit from presidential immunity until he took office on February 25th.