President Offers to Quit if Illegal Funds Found

In a political gamble, South Korean President Roh Moo Hyun offered to quit if a probe finds that his campaign accepted large sums of illegal funds.

A spokesman said Roh would submit his resignation if the amount taken by his campaign is more than 10% of the sum taken by the opposition Grand National Party, which accepted more than $40 million, mostly from conglomerates. There are ongoing investigations of campaign financing by both parties.

Roh, in office since February, had previously called for a referendum on his presidency that was to be held this week, but he backed down amid opposition.