Lee Myung-Jae

Lee Myung-Bak was inaugurated as the 10th President of South Korea on February 25, 2008. His presidency marked a focus on revitalizing the Korean economy, improving national competitiveness, and strengthening ties with major global powers. Prior to his presidency, Lee was the mayor of Seoul and had a background in business, notably serving as CEO of Hyundai Engineering and Construction. His administration prioritized economic growth through market reforms and focused on reducing government intervention in the economy.

On April 1, 2008, the United States and South Korea signed the first free trade agreement between the two countries, known as KORUS FTA. This agreement was seen as one of the most significant free trade agreements, aiming to reduce trade barriers and boost economic activity between the two nations. Lee Myung-Bak's administration heralded this FTA as a crucial step in boosting South Korea's economy through increased exports and foreign investment, while also solidifying the geopolitical alliance with the United States.

On December 11, 2009, Lee Myung-Bak launched the controversial 4 Major Rivers Project aimed at environmental restoration and economic development in South Korea. The project focused on the country's four major rivers: Han, Nakdong, Geum, and Yeongsan. It sought to improve water quality, prevent floods, and provide water resources to agricultural areas. Despite its ambitious goals, the project faced substantial criticism over its environmental impact and questions about its economic justification.

The G20 Seoul Summit, hosted by South Korea on November 29, 2010, was an important event during Lee Myung-Bak's presidency. This was the first time the G20 summit was held in an Asian country. The summit focused on global economic recovery, reforming international financial institutions, and addressing trade imbalances. It was hailed as a significant moment for South Korea, showcasing its growing influence in global economic discussions. The country's ability to host such an event was seen as a testament to its economic development and diplomatic stature.

In early 2011, South Korea, under Lee Myung-Bak, dealt with heightened tensions with North Korea, following incidents like the shelling of Yeonpyeong Island in November 2010. President Lee's administration took a firm stance against North Korean provocations, balancing diplomatic pressure with strategic military readiness. His government sought to strengthen alliances with countries like the United States and Japan, while maintaining a cautious yet firm approach to the North. This was a period marked by intense diplomatic challenges and complex security dynamics on the Korean peninsula.

On April 11, 2012, South Korea held its general elections during which the ruling Saenuri Party, formerly known as the Grand National Party and associated with Lee Myung-Bak, won the majority of seats in the National Assembly. Despite facing challenges such as a sluggish economy and public dissatisfaction over several domestic policies, the victory was seen as an endorsement of his government's economic and foreign policies. The election was closely watched as it was held just months before the presidential election later that year.

Lee Myung-Bak left office on February 25, 2013, at the end of his five-year presidential term. His presidency was marred by several controversies, including accusations of corruption and abuse of power. Although he implemented numerous economic policies that fostered growth, his tenure was overshadowed by allegations of favoritism and illegal surveillance conducted by National Intelligence. Despite these issues, his economic policies are credited with weathering the global financial crisis of 2008-2009 relatively well.

Lee Myung-Bak was arrested on March 22, 2018, on charges of corruption, becoming the latest former South Korean president to face prosecution. He was accused of embezzling funds from several institutions and receiving bribes, including from the National Intelligence Service and Samsung. These charges added to the series of corruption scandals that have plagued South Korean politics. The arrest reflected the ongoing struggle in South Korea to combat high-level corruption and maintain public trust in government institutions.

On October 29, 2020, the South Korean Supreme Court upheld a 17-year prison sentence for former president Lee Myung-Bak, on charges of bribery and embezzlement. The court also upheld fines and restitution orders totaling billions of won. Lee was initially convicted in 2018, accused of taking bribes during his tenure as president. The ruling by the Supreme Court marked the end of long legal proceedings and was seen as a significant demonstration of South Korea's judiciary commitment to anti-corruption efforts.

On December 28, 2022, Lee Myung-Bak was granted a presidential pardon by President Yoon Suk-yeol, along with several other prominent figures. This decision was part of the country's traditional end-of-year pardons and was said to reflect a move towards national unity and reconciliation. The pardon came after Lee served some time in prison and faced substantial health issues. The decision sparked debate within South Korean society, weighing the importance of forgiveness against the need for accountability in public office.