You're reading: South Korean President Lee apologises for graft scandal

SEOUL - South Korean President Lee Myung-bak issued a public apology on July 24 for what he said was "unsavory" conduct by people close to him, two weeks after his brother was arrested in a graft scandal that also sent some of his closest aides to jail.

Lee’s apology on live national TV, where he bowed deeply and
said he had nobody to blame but himself, marked the latest blow
to the political credibility of a leader who had vowed to clean
up the corruption-prone image of South Korea’s leadership.

“I bow my head in apology to the people for causing concern
over these matter,” Lee said.

“Who could I blame at this point? It is all my fault. I will
willingly accept any rebuke.”

Lee’s brother, a long-time member of parliament, was taken
into custody on July 11 one week after he appeared before
prosecutors to answer questions about allegations that he took
money from a failed savings bank in return for favours.

The scandal was part of a string of failed junior lenders,
due to mismanagement, that caused thousands of mostly working
class customers lose their savings that exceeded a 50 million
won ($43,600) state deposit insurance.

The scandal also affected some of Lee’s closest aides and
political allies, speeding the routine slide to lameduck
presidency in the final stages of a five-year single term.

Lee is set to leave office in February.

The controversy, and Lee’s admission of a failure to prevent
his aides and family from trying to benefit personally, is
unlikely to affect the upcoming presidential election in
December and the candidacy of the conservative frontrunner.

Park Geun-hye of Lee’s New Frontier Party has distanced
herself from the incumbent since his election victory in 2007
and is unlikely to face criticism for the sitting government’s
policy or ethical failures, analysts said.