Lee Myung-bak Needs to Tell Truth About Fraud Case
The political parties Tuesday exchanged criticism over the opposition Grand National Party (GNP) presidential candidate Lee Myung-bak’s alleged involvement in a financial fraud case. Suspicions over stock manipulation in the “BBK Scandal” will continue to be a major issue that will determine Lee’s fate ahead of the presidential election in December.
The pro-government United New Democratic Party (UNDP) stepped up its offensive on Lee by coming with fresh allegations that the former Seoul mayor had poured 15 billion won to purchase an off-shore fund to acquire convertible bonds and stocks. “This is compelling evidence of Lee’s engagement in business malfeasance,” said UNDP floor leader Rep. Kim Hyo-suk. Kim’s GNP counterpart Rep. Ahn Sang-soo described the claim as “reckless propaganda.” He threatened to take legal action against any attempts to discredit the party standard bearer.
The UNDP cast doubt on Lee camp’s bid to prevent Kim Kyung-jun, Lee’s erstwhile business partner, from returning home. Lee’s lawyer called on a U.S. court to delay extradition of Kim Oct. 12. But the previous day, Oct. 11, Lee himself made a contradictory remark. “I believe Kim needs to return home as soon as possible to stand trial.” This shows Lee and his followers deserve criticism for engaging in premeditated “dubious” behavior. Earlier this month, Lee’s lawyer filed a similar request to a U.S. court. At that time, the Lee camp said the step was made without Lee’s knowledge and Lee got angry afterward. This time, Lee’s campaigners also said Lee was not aware of the lawyer’s action. It is a total nonsense that the lawyer, Kim Baek-jun, submitted two petitions without Lee’s knowledge. In addition, Kim is a 40-year-long confidant of Lee.
Kim Kyung-jun, then CEO of BBK, illegally transferred 38 billion won of company money to the United States and fled there in 2001 amid suspicions of fraud. The prosecution investigated Lee for his managing of another company with Kim, but no charges were filed. Now the liberal camp is hoping Kim will be returned to Korea as soon as possible so that he can shed light on any involvement of Lee in his shady financial dealings, and thus deal a critical blow to Lee’s presidential ambition.
At present, Kim is likely to be extradited around the end of November. There is the possibility that Kim will show up for live TV disclosures of allegations regarding Lee’s involvement in inappropriate financial dealing, which will be a nightmare scenario for Lee, regardless of the truthfulness. Such a case will be even more serious for Lee as he will have no time to reply just ahead of the presidential election. Now it is high time for Lee to confront the reality and candidly reveal the truth behind the case. It is the only way to command the trust of the people and maintain his lead in the presidential race.