Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

South Korean President Apologizes Amid Family Corruption Claims

South Korean President Lee Myung Bak apologized today for “unfortunate incidents” surrounding his family, as prosecutors prepare to indict his brother on corruption charges.

“I caused the public much concern in recent days with unfortunate incidents happening around me and in my family,” Lee said in a four-minute televised speech, without elaborating. “I apologize deeply and will take full responsibility.”

Lee, whose single five-year term ends in February, is seeking to help his ruling New Frontier Party hold onto the presidency in December elections. Prosecutors are pursuing corruption cases against former presidential aides, ministers and other senior members of the party.

Lee’s brother, former lawmaker Lee Sang Deuk, will be indicted this week for his alleged involvement in a savings bank bribery scandal, Choi Woon Sik, head of the team in the Supreme Prosecutors’ Office investigating wrongdoing at the banks, said in a phone interview after the speech today. Lee Sang Deuk was arrested July 11 for allegedly receiving illegal political donations.

The NFP narrowly won elections for parliament in April after enacting reforms to restore its image, which was tainted by National Assembly speaker Park Hee Tae’s resignation in February over alleged vote-buying.

Prosecutors have indicted almost 200 people and ordered at least two jail sentences after uncovering illegal lending and lax oversight among bankers, regulators, politicians and lobbyists. The Financial Services Commission has closed 20 savings banks since January 2011 and depositors and bond holders have lost more than 1 trillion won ($872 million).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.