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The 17th South Korean Presidential Election in South Korea is scheduled for December 19, 2007. The President of Korea serves one five year term and whomever wins will serve from 2008 to 2013. Lee Myung Bak, the favourite in the race for South Korea's presidency, was facing a new probe into fraud allegations Sunday. 65-year-old Lee, who is an entrepreneur and former mayor of Seoul, denied that he owned the company under investigation. Who will win in this hot election?
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The 17th South Korean presidential election took place on December 19, 2007. The election was won by Lee Myung-bak of the Grand National Party, returning conservatives to the Blue House for the first time in ten years. Lee defeated United New Democratic Party candidate Chung Dong-young and independent candidate Lee Hoi-chang by the largest margin since direct elections were reintroduced in 1987. It also marks the first time a president-elect in Korea will be under investigation by a prosecutor. Voter turnout was 62.9%.