Updated Dec.18,2007 08:01 KST

Special Counsel to Probe Lee Myung-bak
Grand National Party presidential candidate Lee Myung-bak./Yonhap

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The National Assembly on Monday passed a bill tasking a special counsel with reopening the BBK scandal investigation, a probe that essentially focuses on the involvement or otherwise of Grand National Party presidential candidate Lee Myung-bak. The special probe will begin in mid-January, with ruling and opposition camps likely to squabble over the minutiae of the complex investment scam until the end of February, when the new president is sworn in.

The bill, submitted by the United New Democratic Party, passed by a majority of 160 out of 298 members, with UNDP, Democratic Labor Party, Democratic Party and independents voting. The GNP boycotted the bill despite Lee¡¯s earlier announcement that he is ready to face a second inquiry after prosecutors cleared him of all involvement at the beginning of this month. The GNP argued the bill should by rights first go through the house Legislation and Judiciary Committee.

The special probe will put the top priority on finding out whether Lee was complicit with Kim Kyung-joon, the indicted suspect in the scandal, in swindling investors out of their savings by way of an elaborate boiler-room operation. The special counsel will also investigate whether Lee, as a public official, concealed W93 billion (US$1=W934) in assets including the proceeds from the sale of land in Dogok-dong, Seoul and dividends from a firm named DAS, which were allegedly held in proxy for him by his brother and brother-in-law. Among fresh allegations for the special counsel is that prosecutors offered Kim a reduced sentence if he testified that Lee was not involved.

The special counsel is expected to mobilize the largest number of personnel possible to complete the investigation before the new president is inaugurated on Feb. 25. The counsel would be authorized to investigate for a maximum of 47 days -- 30 days to be extended by another 10 plus to seven days for preparation. If the counsel is appointed late this month, the initial results will come out in about mid-February and the final results around inauguration day.

If Lee wins the election on Wednesday, he will be under investigation as the president-elect, which would render the transition rather awkward. And the results could have far-reaching consequences, particularly with the approach of the general election in April.

Lee reiterated his willingness to accept the special probe, ¡°even though I know it to be politically motivated." GNP spokeswoman Na Kyung-won said, "The truth doesn¡¯t change.¡± She called on the house speaker to resign taking responsibility for using his authority to put the bill up for a vote.

Two days short of the election, UNDP candidate Chung Dong-young was triumphant. "Lee is no longer a presidential candidate but a mere criminal suspect under investigation,¡± he said. "We've just taken the first step toward preventing a liar from making bogus history." The breakaway conservative candidate Lee Hoi-chang, who launched his presidential bid over allegations against Lee Myung-bak, claimed, "If candidate Lee Myung-bak refuses to withdraw his candidacy, the special counsel will find out the truth. We'll witness an unheard-of disaster whereby Lee resigns immediately after the election."

Amid the kerfuffle, the Justice Ministry decided it will not instruct prosecutors to re-investigate the BBK scandal, as an order from President Roh Moo-hyun appeared to demand the previous day, but to accept the special counsel.

(englishnews@chosun.com )