[Editorial] Can Lee Hun Jai Do His Job?

Even after he went before the press and personally explained his position and apologized over the fact there are suspicions he engaged in speculative real estate investment, Deputy Prime Minister of Finance and Economy Lee Hun Jai is still facing controversy. The questions are actually growing, and people want to know whether he sold the land in Gwangju, Gyeonggi Province at a price much lower than it was assessed at or that it was resold. That is why civic groups and not some in the National Assembly are talking about what his next step should be. Needless to say the reaction of most people to his explanations has been cold as well. You wonder whether he will be able to carry out his important responsibilities as the man in charge of economic policy in such a situation.

Immediately after Lee's official explanation the Hankyoreh proposed that a third entity be made to objectively investigate the questions. We continue to believe that no time should be wasted in commencing on an inquiry to clarify the truth. Now, however, it seems the lack of confidence in him has grown to the point that it could negatively affect his ability to do his job. Whatever his intention he did engage in a "false transfer of legal residence" in the process, and as expected that fact became even clearer as he explained it. Many people get a frustrated, sinking feeling when they learn he walked away with a massive profit by employing such a method. Will that not make it hard for people to believe in the policies Lee is at the center of and will that not make those policies less effective?

Cheong Wa Dae says it still has confidence in him. The reason appears to be that he is at the helm at a time when the economy is showing signs of coming back to life. It should realize, however, that its approach might be out of touch with the sensibilities and judgment of the people, particularly with the common people who feel a sense of deprivation because of the speculative real estate investment that takes place. Lee has to feel more than a little stress because of the disapproving glares he is the object of as a result of the situation.

The Hankyoreh, 7 March 2005.

[Translations by Seoul Selection (PMS)]