Prime Minister Park Tenders Resignation

On May 19, President Kim Dae-jung formally accepted Prime Minister Park's resignation provoking further harsh criticism of the growing tax evasion scandal surrounding Park.

At a press conference, a spokesman for Chong Wa Dae said that a successor would be appointed at the beginning of next week and in the interim, Lee Hun-jae, the Finance and Economy Minister, would act as prime minister.

After the announcement, President Kim expressed his gratitude for Park's work and efforts, especially during the Asian financial crisis and the economy's reforms.

Park went to Chong Wa Dae at 9:20 this morning to meet with President Kim to discuss his plans to resign in light of the growing controversy surrounding his alleged tax evasion through a property scheme. He was reported to have expressed his apologies to the president, especially in light of the coming North-South summit.

With the post of prime minister now vacant, President Kim Dae-jung is expected to confer with his cabinet and submit a name to the Congressional floor for approval by May 22 at the earliest.