Exit polls: Lee headed for victory

SEOUL, South Korea (CNN) -- Lee Myung-Bak, a 65-year-old former Seoul mayor and Hyundai executive, appeared headed for a landslide victory in South Korea's presidential election, according to exit polls.

South Korean presidential candidate Lee Myung-Bak and his wife cast their ballots in Seoul on Wednesday.

 

With vote counting just under way Wednesday, official results were not expected for hours.

Exit surveys taken by South Korean television channels MBC and KBS showed Lee, the leader of the opposition Grand National Party, with just over 50 percent.

Chung Dong-Young of the United New Democratic Party was a distant second with just 26 percent, and independent candidate Lee Hoi-Chang was third with 13.5 percent, according to the exit polls.

Although Lee was comfortably leading the pack of presidential hopefuls, the election became uncertain Monday when the National Assembly voted to investigate accusations of fraud against him. The move came after political opponents released a video clip of him saying he founded an investment company at the center of stock manipulation charges.

Lee broke from the pack of candidates by virtue of his rags-to-riches life story and his business background. He had collected trash to put himself through college, then rose to become one of the youngest CEOs of Hyundai Construction, earning himself the nickname "The Bulldozer."

Chung, 54, is a former television news anchor and unification minister who has been running a distant second in the race, with an approval rating 20 percentage points behind Lee.

Lee Hoi-Chang, 72, is considered the most conservative of the top three presidential hopefuls.

The winner will take over from Roh Moo-Hyun, who had promised reform and clean governance. But scandal has marred his five-year term, with a string of Cabinet officials forced to resign over corruption allegations and Roh himself surviving an impeachment attempt in 2004.

At the same time, he improved relations with North Korea and became only the second South Korean president to meet with his counterpart in the North.

 Ethical questions have dogged Lee throughout the year. But in a campaign where economic issues have been on the minds of many South Korean voters, Lee's corporate resume has given him the upper hand.

Critics have challenged Roh's economic policies, saying he raised taxes, created higher unemployment and caused real estate prices to soar.

 Lee Myung-bak has stood out from the pack of candidates by virtue of his compelling rags-to-riches life story.

http://edition.cnn.com/2007/WORLD/asiapcf/12/19/skorea.election/index.html