Yoon Suk-yeol wins presidential election

People Power Party presidential candidate Yoon Suk-yeol, center, raises his arms during his election victory speech at the National Assembly on Yeouido, Seoul, Thursday. Joint Press Corps

By Nam Hyun-woo

Yoon Suk-yeol of the main opposition People Power Party (PPP) was elected as the new President of Korea early Thursday morning, taking the responsibility of leading the country for the next five years.

The former prosecutor general secured some 16 million ballots, or 48.59 percent, of 97.67 percent of votes counted as of 3:50 a.m. Since Yoon was leading his rival ruling Democratic Party of Korea (DPK) candidate Lee Jae-myung by 0.8 percentage points, he was expected to clinch the victory regardless of the uncounted ballots.

After confirming his victory, Yoon appeared at the National Assembly for a speech and described his win as "a victory of the people."

"It was a heated race, and I learned many things while campaigning" Yoon said. "I believe the election result is a great victory of the people, rather than a victory of myself, the PPP, Ahn Cheol-soo and the People's Party." People's Party candidate Ahn merged his campaign with Yoon a week before the election.

"I also want to express my gratitude for DPK candidate Lee Jae-myung and Justice Party candidate Sim Sang-jung, and I highly evaluate our contribution for the progress of Korean politics," Yoon continued. "When I take office, I will honor the spirit of the Constitution and the National Assembly, and cooperate with the opposition party (the DPK) to better serve the people."

The 61-year-old's victory came after he staged one of the closest races in Korea's presidential elections. In the exit poll conducted by three broadcasters -- KBS, MBC and SBS -- Yoon won 48.4 percent of the votes and the ruling party candidate with 47.8 percent.

The smallest gap before Wednesday's election was the 15th presidential election in 1997, in which National Congress for New Politics candidate Kim Dae-jung beat Hannara Party candidate Lee Hoi-chang by 390,557 ballots.

People Power Party presidential candidate Yoon Suk-yeol leaves his home in Seocho District, Seoul, Thursday, after his victory in the presidential election was confirmed. Yonhap

In the counting process, Lee had an early lead, outpacing Yoon by 3.6 percentage points when 10 percent of all votes were counted. However, the gap quickly narrowed to 2.55 percentage points when 30 percent was counted, and Yoon took his lead after midnight. He then cruised to victory by retaining the gap at some 250,000 ballots, with broadcasters anticipating his victory when nearly 90 percent of all ballots were counted.

Yoon will be declared president-elect after the National Election Commission's (NEC) official confirmation, and take over the office from President Moon Jae-in on May 10.

In the meantime, Yoon will organize his presidential transition committee within two to three weeks, and the committee will remain active for a few months after his inauguration to enable a successful transition.

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The total voter turnout for Wednesday's election was estimated at 77.1 percent, falling short of earlier anticipation that the number may break above 80 percent for the first time in 25 years. It was 0.1 percentage point lower than that of the previous presidential election in 2017.

After the NEC's confirmation of Yoon's victory, the Presidential Secret Service will be in charge of Yoon's security.

Lee admitted defeat in a press conference before Yoon announced his victory.

"All responsibility rests with me, and it is neither your defeat nor the DPK's defeat," Lee said. "I would like to congratulate Yoon. I ask the president-elect to help the country to overcome conflicts and disputes, and pave the way for national unity."

Democratic Party of Korea presidential candidate Lee Jae-myung announces his defeat in the presidential election during a press conference at the party's headquarters on Yeouido, Seoul, Thursday. Joint Press Corps

The victory came after Yoon and Lee staged a mudslinging fight exposing allegations against each other throughout the campaign period, resulting in what has been described as "the ugliest presidential election ever."

Yoon alleged Lee's involvement in a massive land development scandal in Seongnam, Gyeonggi Province, and Lee and the DPK countered with their own allegations connecting the PPP and Yoon to the scandal.

They also mounted offensives against each other's wives. Yoon and the PPP slammed Lee's wife for abusing her husband's power during his stint as Gyeonggi Province governor, while Lee and the DPK aired suspicions on the career of Yoon's wife. Due to this, their wives both made apologies and limited their public appearances during the campaign period.

As the election ends with Yoon's victory, attention is on how the investigation into the Seongnam real estate scandal will unfold. More than 100 suits or complaints related to the scandal have been filed with the prosecution.

As the election shows that the public sentiment is sharply divided between rival parties, voices are growing that the most urgent task for the president-elect is to patch up the nation's increasing polarization and seek unity among the people to lay the groundwork for the country to focus on addressing social, economic and diplomatic issues.

Following the election, large-scale government restructuring is expected.

Yoon pledged to abolish the Ministry of Gender Equality and Family, and rebrand it to focus on gender equality rather than its current function of concentrating on women's rights.

Yoon also promised to move the presidential office from Cheong Wa Dae to the Government Complex in Gwanghwamun, Seoul. He said his administration will determine what to do with Cheong Wa Dae through public debates.

Also, Ahn Cheol-soo, former People's Party candidate who merged his presidential campaign with Yoon, pledged to reform the Ministry of Trade, Industry and Energy as a new ministry focusing on industry, resource and energy issues.