Lee Myung Bak

The Columbia Encyclopedia, Sixth Edition | Date: 2008

Lee Myung Bak , 1941-, South Korean business executive and politician, b. Osaka, Japan. He began his business career with Hyundai Construction in 1965, becoming the chief executive officer of the company in 1977. By the time he left the Hyundai Group in 1992 he had been CEO of eight Hyundai businesses and earned the nickname "The Bulldozer" for the drive with which he managed difficult projects. In 1992 he entered politics and was elected to the National Assembly, serving until 1998, when he resigned in the wake of charges of excessive campaign spending. Active in the conservative Grand National party, he founded electronic financial services companies after 1999 and later was mayor of Seoul (2002-6). A candidate for South Korean president in 2007, he handily defeated his opponents, becoming the first conservative candidate to win in a decade. His victory, however, was marred by an investigation into accusations of fraud associated with an investment firm he founded.

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