Ex-Hyundai boss is elected South Koren president

SOUTH Korea’s presidential election was won by runaway favourite Lee Myung-bak by a landslide yesterday.

The former Hyundai chief executive received 50.3% of the vote. His nearest rival, liberal Chung Dong-young, had 26%.

Conservative Mr Lee, a former Seoul mayor who was 66 on election day, ends a decade of liberal rule in the South with his victory.

Mr Lee has promised to take a more critical view than his predecessor of Seoul’s engagement with rival North Korea and seek closer US ties.

Days before the vote, the parliament voted to authorise an independent counsel investigation into Mr Lee in a stock manipulation case where prosecutors had already cleared him of wrongdoing.

The counsel is to complete the probe before his inauguration in February, and Mr Lee has said he would not accept the presidency if found at fault.

“I want to thank the people who have defended me from numerous negative campaigns,” he said after voting in Seoul.

Unlike previous elections dominated by issues like security policy with North Korea or relations with the US, this year voters were focused on economic matters due to concern over high property prices, soaring unemployment and a widening gap between rich and poor.

Nicknamed “The Bulldozer” for his thrusting business acumen, Mr Lee’s support has been bolstered by unrest over the five-year term of liberal President Roh Moo-hyun, who was constitutionally barred from seeking re-election.