S Korean finance minister resigns

Lee Hun-jai has been in his job for just over a year

South Korean Finance Minister Lee Hun-jai has resigned from his job after heavy criticism of an allegedly illegal land transaction by his wife.

Mr Lee, who is also the deputy prime minister, said he was stepping down because the controversy was damaging the credibility of the government.

His wife, Jin Jin-sook, is said to have made a profit of more than 6bn won ($6m) buying and selling farm land.

The law required her to live on the land, but she allegedly never did so.

In a statement on Monday, Mr Lee maintained that his wife's transactions were within the law.

"I am very sorry for causing a public stir but my wife and I have never done anything illegal," he said.

But he added: "I came to the conclusion that the suspicion and controversy over my personal problem could burden the president and be of no help to the economy."

Before Monday's announcement, pressure had been growing on Mr Lee to resign.

He was appointed to the dual post of deputy prime minister and minister of finance and economy in February 2004.