Lee Myung-bak

Last updated

Kim Yoon-ok
(m. 1970)
Lee Myung-bak
GOM
이명박
Lee Myung-bak presidential portrait.jpg
Official portrait, 2008
10th President of South Korea
In office
25 February 2008 25 February 2013
Children4
Education Korea University (BBA)
Signature Lee Myung-bak signature.svg
Korean name
Hangul
이명박
Hanja
李明博
RR I Myeongbak
MR I Myŏngbak

BBK incident

Lee Myung-bak was alleged to have been involved in an illegal company named BBK, which brought controversy to South Korea during the election season. BBK co-founders were investigated for large-scale embezzlement and stock price-fixing schemes. They had initially stated that Lee was not involved with the company, and Lee himself denied being associated with BBK. They attempted to implicate Lee in criminal involvement, which was not supported by evidence. [130] He never admitted any wrongdoings, but the Korean press, controlled by Lee, made false report that he did. [131] Lee was declared innocent of all charges by the Supreme Court of Korea. However, that was because the Korean prosecutors manipulated the case. In 2018, Lee was arrested and his involvement in BBK and DAS was confirmed by the same prosecutor's office. According to leaked diplomatic cables, Yoo Chong-ha (유종하), the former co-chairman of Lee's presidential election campaign, requested then American ambassador to South Korea, Alexander Vershbow, to delay the extraction of the main individual of the BBK embezzlement scandal to Korea to prevent spreading controversies related to Lee's involvement in the BBK embezzlement scandal during the election season. [132] [133] [134] [135]

Naegok-dong post-presidency residence issues

Lee's acquisition of a house in Seocho-gu's Naegok-dong under his son's name caused a problem. One of the candidate lands that he sought was a green belt area, which could cause contradiction about his "eco-friendly" governance. [136] This spurred many controversies. For instance, a female lobbyist-like civilian with the family name of Yoo was involved in this Naegok-dong deal with Lee's family members. She moved to the U.S. to avoid possible arrest. [137]

Lee purchased the land under his son's name, which could potentially violate South Korean real estate laws. [138] The prosecutors formally proposed to investigate President Lee's son, who was also involved in the contract. [139] [140] [141]

Legal professor Lee Sang-don, voiced his opinion that President Lee's Naegok-dong property crisis could justify his impeachment. [142]

Tax evasion

The spokesperson of the Democratic Party, Lee Yong-seop (이용섭), said that the presidential family's current residence was evading tax by declaring parts of the building for commercial purposes. [143]

Relatives' corruption charges

There were criticism of Lee's nepotism for his older brother, Lee Sang-deuk, whose personal aide was charged for taking $0.5 ~ $0.6 million from SLS Group. [144] Lee Sang-deuk himself also served 14 months prison time for taking bribes from Solomon Supreme Prosecutors for extorting funds for the Four Major Rivers Project. [145]

Detention

Lee was detained on 22 March 2018 on charges of receiving 11 billion Korean won (~US$10 million) worth of bribes and slush funds worth 35 billion Korean won (~US$33 million). [146]

He is accused of taking bribes from Samsung of nearly $6 million in exchange for a presidential pardon for Samsung chairman Lee Kun-hee who was in prison for tax evasion and stock fraud. It is alleged that this money was used to pay legal fees for DAS, a car-parts manufacturing firm owned by Lee's brother. [147]

Lee is also accused of embezzling $700k of government money that was initially set aside for Seoul's intelligence agency. [147]

In early April he was indicted on graft charges. [147]

Conviction and sentence

On 5 October 2018, Lee Myung-bak was convicted of bribery, embezzlement and abuse of power and sentenced to 15 years' imprisonment. [148] [14] He was also ordered to pay a 13 billion won ($11.5m; £8.8m) fine. [14] The corruption case badly tainted his status as the country's first leader with a business background who once symbolized the country's economic rise. Lee's conviction came six months after his successor and fellow conservative Park Geun-hye was convicted in a separate corruption scandal that triggered the country's biggest political turmoil in decades. Park is no longer serving a 25-year prison sentence. The back-to-back scandals badly wounded conservatives in South Korea and deepened a national divide. The Seoul Central District Court convicted Lee of embezzling 24.6 billion won ($21.7 million) from a company he owned; taking bribes from Samsung, one of his spy chiefs and a former lawmaker; causing a loss to state coffer; and committing other crimes. The court fined Lee 13 billion won ($11.5 million). It said Lee committed those crimes before and during his presidency, from 2008 to 2013.

Lee in 2025 Lee Myung-bak's Portrait (2025).png
Lee in 2025

On 29 October 2020, the Supreme Court upheld a 17-year sentence for Lee Myung-bak for bribery and embezzlement, the 13 billion won ($11.4 million) fine and the additional forfeiture of 5.78 billion won ($5 million). [149] [150] [151] On 27 December 2022, incumbent President Yoon Suk-yeol granted Lee a special pardon. [16] [152] [153]

Legacy

During his presidency, Lee Myung-bak led South Korea through the 2008 financial crisis, a period that tested the resilience of even the most advanced economies. While global markets faltered, South Korea emerged as one of the few advanced countries to recover relatively swiftly and stably. The country recorded an annual GDP growth rate of up to 6.8% in 2010, rebounding from just 0.8% in 2009. [158] By 2012, the unemployment rate had declined to 3.2%, one of the lowest among OECD countries at the time. [159]

Public investment surged during this period, with stimulus measures amounting to approximately 6.9% of the nation's GDP, focusing on infrastructure, green technology, and regional development. [160] This strategic expansion not only mitigated the domestic impact of the crisis but also helped consolidate South Korea's status as a modern, advanced economy.

Additionally, the National Scholarship Program implemented during his tenure contributed to shifting the perception of scholarships as a form of welfare for low-income individuals. [161]

During his presidency, Lee Myung-bak's administration maintained a strong pro-American diplomatic stance. His early efforts to deepen the U.S.–Korea alliance included the ratification of the Korea–United States Free Trade Agreement (KORUS FTA), which contributed to a rise in South Korea's exports to the United States and enhanced bilateral relations. Although the agreement faced domestic criticism and widespread protests at the time, particularly concerning the importation of U.S. beef, [162] it has since been recognized for its role in boosting bilateral trade and solidifying economic ties between the two nations. [163] This combination of economic policy and diplomacy helped shield South Korea from the worst effects of the global downturn and reaffirmed its place in the ranks of advanced nations. [164]

Overall, these achievements are widely recognized as having guided South Korea into a new era of sustainable growth and global influence, with subsequent evaluations crediting Lee's presidency for its effective crisis management and international leadership. [165] Such aspects have been reexamined, and in recent years his popularity as a former president has increased significantly, reflecting a renewed public appreciation for his decisive crisis management and visionary economic policies. [166]

Awards and honors

National honours

Foreign honours

Electoral history

1996 South Korean legislative election  : Jongno District [168]
PartyCandidateVotes%
New Korea Lee Myung-bak 40,230 41.0
National Congress Lee Jong-chan32,91833.5
United Democratic Roh Mu-hyun 17,33017.6
United Liberal Democrats Kim Eul-dong 6,6026.7
Total votes99,365 100.0
New Korea hold
2002 Seoul Metropolitan Mayoral election [168]
PartyCandidateVotes%
Grand National Lee Myung-bak 1,819,057 52.2
Millennium Democratic Kim Min-seok 1,496,75443.0
Democratic Labor Lee Mun-ok87,9652.5
Total votes3,510,898 100.0
Grand National gain from Millennium Democratic
2007 South Korean presidential election
PartyCandidateVotes%
Grand National Lee Myung-bak 11,492,389 48.7
New Democratic Chung Dong-young 6,174,68126.1
Independent Lee Hoi-chang 3,559,96315.1
Creative Korea Moon Kook-hyun 1,375,4985.8
Democratic Labor Kwon Young-ghil 712,1213.0
Total votes23,732,854 100.0

See also

Notes

  1. pronounced /ˌmjʌŋˈbɑːk/ ; Korean: 이명박; pronounced [i.mjʌŋ.bak̚] ;

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Further reading

National Assembly of the Republic of Korea
Preceded by
Lee Jong-chan
Member of the National Assembly
from Jongno District

1996–1998
Succeeded by
Political offices
Preceded by Mayor of Seoul
2002–2006
Succeeded by
Preceded by
Roh Moo-hyun
President of South Korea
2008–2013
Succeeded by
Diplomatic posts
Preceded by Chairperson of the Group of 20
2010
Succeeded by