S Korea to probe president-elect

Court sanctions investigation into fraud allegations against Lee Myung-bak.

    Lee cannot be prosecuted after his inauguration
    on February 25 [GALLO/GETTY]

    The former Seoul mayor and business tycoon secured a landslide victory in last month's presidential election and promised to revive the country's economy.

     

    Lee is the first South Korean president-elect to face a criminal investigation.

     

    'Rigging stock prices'

     

    Prosecutors cleared Lee after they could not find any evidence that he conspired with a Korean-American fund manager in 2001 to manipulate stock prices.

     

    The case was re-opened after a video clip widely circulated on the internet purportedly showed Lee admitting to establishing the fraud-ridden asset management company.

     

    Kim Kyung Joon, the head of the controversial investment firm BBK, and Lee's business associate in a previous venture, was indicted on December 5 on charges of rigging share prices and embezzling tens of millions of dollars from the company.

    SOURCE: Agencies


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