National Assembly Passes Lee Myung-bak Special Prosecution Bill

The National Assembly passed a special prosecution bill on Monday to investigate Grand National Party candidate Lee Myung-bak over alleged stock price manipulation concerns during a general meeting.

While GNP lawmakers were absent from the meeting to protest the bill, Vice Speaker Lee Yong-hee of the United New Democratic Party brought the bill to a vote using his official authority power. The bill was passed unanimously by 160 lawmakers from the UNDP, the Democratic Labor Party and the Democratic Party who were present.

The bill will allow further investigation into Lee Myung-bak’s alleged violations of the stock exchange law in relation to the BBK stock price manipulation scandal, allegation of his embezzlement of public money, and violations of the Public Service Ethics Act and election law regarding his ownership of land in Dogok-dong and DAS stocks.

The bill stipulates that the Chief Justice of Supreme Court must recommend a special prosecutor and allow the prosecutor to have five assistant special prosecutors and the maximum of 40 special investigators. The special prosecutor team will then launch a 30-day investigation not inclusive of a preparation period of seven days. One extension of 10 days is possible after this period.

It is estimated that the result of the special investigation will be announced prior to the new president’s inauguration day (February 25, 2008) as the total process of investigation, including the promulgation of the bill and the nomination of a special prosecutor, should take less than 72 days.

Nah Gyeong-won, the GNP spokesperson, said in a briefing, “The truth will not change by the special investigation. The UNDP’s attitude is tantamount to putting a spoke into the GNP’s wheel.” While demanding the resignation of Lim Chae-jeong, Chairman of the National Assembly, Nah criticized, “The bill is unconstitutional and was adopted in violation of the National Assembly law. It threatens democracy in Korea.”

Cheon Ho-sun, a spokesman of Cheong Wa Dae, announced that President Roh decided to accept the bill.

Meanwhile, Mapo police station in Seoul requested arrest warrants for Yeo (42) and two others on charges of violations of election law and blackmail against Lee Myung-bak on Monday. The three reportedly demanded three billion won from the Lee camp in return for a video file related to the BBK scandal.