Losing Grand National Party candidate Lee Hoi-chang announced Friday he was retiring from politics, following his defeat at the hands of Millennium Democratic Party President-elect Roh Moo-hyun. Lee told a press conference he humbly accepted the verdict of the people, and would make a clean exit from politics for good.

He offered his congratulations to President-elect Roh and expressed his sincere hopes that he would be a good chief executive for the country and the people. Lee said when he entered politics six year ago his dream was to make a country with law and principles, but due to his lack of experience he was unable to do this. He asked the party and the people who supported him to forgive his failings.

Lee called on the GNP to reshape itself into a watchdog that defended free democracy, national security, and economic stability.

The majority opposition party is to advance its National Convention from May 2004 to January 2003, in order to elect a leader before the new government is inaugurated.

GNP leader Seo Chung-won said at a party meeting the same day that finding the truth about various scandals of the incumbent administration; such as Hyundai Electronics' stock manipulation, the alleged sending of W400 billion to North Korea, corruption at Nara Banking Corp. and public fund misuse; and cooperation with the new one were different issues. Seo continued that if Roh's government attempted to continue the cover up, it would face the wrath of the people.

(Heo Young-bom, heo@chosun.com )