SEOUL: South Korean presidential frontrunner Lee Myung-Bak got a double boost on Monday, winning support from a major industrialist as newspapers reported he will be cleared of involvement in a financial scam.

Chung Mong-Joon, a five-term lawmaker and owner of the world's largest shipyard Hyundai Heavy Industries, announced his backing for Lee, who is the candidate of the conservative opposition Grand National Party (GNP).

And three newspapers said prosecutors have found no concrete evidence to link Lee to the alleged crimes of a former business partner.

Prosecutors are investigating the ex-partner, Kim Gyeong-Jun, on suspicion he engineered a multi-million dollar stock manipulation and embezzlement scam early this decade.

Opponents claim Lee was also involved, a charge he denies.

Prosecutors must announce their findings by Wednesday, the deadline for any indictment of Kim.

Senior prosecutor Kim Hong-Il refused to confirm the newspaper reports that Lee has been cleared. "We have yet to decide when we will make an announcement on the outcome of our investigation," he told reporters.

Last week, two senior lawmakers bolted from the opposition party to support a rightwing independent candidate, apparently in protest at alleged ethical problems surrounding Lee, 65.

But on Monday Chung, who is also head of South Korea's football governing body, agreed to join the GNP.

"With Chung's entry, our party will enjoy more public confidence after taking office," Lee said after talks with Chung, who is ranked the country's wealthiest man in terms of shareholdings.

Chung, 56, launched his own presidential bid in 2002, riding on the country's successful co-hosting of the 2002 World Cup with Japan. He withdrew later to support Roh Moo-Hyun, playing a crucial role in his victory.

Chung denounced Roh's liberal government as a "failed" regime and urged supporters to vote for a change of power.

The GNP is seeking to regain power after a decade of liberal rule but fears the rightwing independent candidate, Lee Hoi-Chang, will split the conservative vote.

On Monday Shim Dae-Pyung, candidate of the small People First Party, withdrew his own candidacy and joined Lee Hoi-Chang to reduce the number of presidential candidates to 11.

Four opinion polls published on Monday showed Lee, a former Hyundai Construction executive and ex-Seoul mayor, still ahead of his rivals.

He had between 35-40 percent support compared to about 16-19 percent for Lee Hoi-Chang, and 12-16 percent for Chung Dong-Young of the pro-government United New Democratic Party.

Lee Hoi-Chang, who stood unsuccessfully on the conservative ticket in the 1997 and 2002 elections, quit the GNP last month to run as an independent. His former party denounced him as a "traitor".


- AFP/so