Text of statement from presidential candidate of the Grand National Party Lee Hoi-chang to the people read by unidentified reporter at the party headquarters in Seoul, broadcast live by South Korean TV on 19th December

I express unsparing congratulations and respect to presidential candidate Kim Dae-jung, who has the honour of being elected as president. I gravely accept the people's intention, and I completely yield to the outcome of the election. I fought exerting my utmost efforts. I feel that it was worthwhile to achieve a clean election without using money.

I thank you, the people who supported me, by bowing my head. Also, I deeply thank the party members who devoted all their work for my election. I will give unsparing cooperation and support to the president-elect to overcome today's economic crisis amid stability and harmony.

As the largest party within the National Assembly, the Grand National Party will closely cooperate with the current government.

I pray for the good health of the people. Thank you. 19th December 1997 LeeHoi-chang, presidential candidate of the GNP Source: KBS Television, Seoul, in Korean 1758 gmt 18 Dec 97

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