South Korea: Ex-Democratic Party leader Lee to announce presidential bid on Thursday

Kwon Hyuk-ki, a former chief political planner for Lee, told reporters on Wednesday that the 10-minute video will be unveiled at 10 a.m. on Thursday, and will contain his resolve and determination going into the presidential race.

The former DP leader will then hold a press conference at the National Assembly on Friday to present his vision for the nation and announce the members of his election campaign, Kwon said.

Lee stepped down from the party chairmanship earlier in the day to run for president in the June 3 election, triggered by the ouster of former South Korean President Yoon Suk Yeol.

He is considered the front-runner in the upcoming election.

"I am grateful to have been able to serve as the party leader for three years and to have achieved some meaningful results," Lee said during a meeting of the DP's supreme council.

"I don't feel particularly regretful or lighthearted, I believe I will soon be starting a new chapter," Lee said, hinting at his presidential bid.

Political parties are gearing up for the presidential election after the Constitutional Court upheld the impeachment of Yoon on Friday over his short-lived martial law bid in December, formally removing him from office.

In 2022, Lee won the chairmanship of the DP after losing the presidential race to Yoon by a thin margin.

Lee has been leading in early opinion polls, though he is at the heart of several scandals, including a land development scandal in Seongnam, south of Seoul.

An appellate court recently acquitted Lee of an election law violation that could have cost him his parliamentary seat and barred him from running for president, Yonhap news agency reported.

Lee said he believes the nation will tide over the current challenges triggered by Yoon's martial law declaration as it did following the 1980 pro-democracy uprising in Gwangju.

"I am confident that we will overcome the current challenges we face with the great DNA of our people, who have overcome adversity in the past," Lee said. "I will be with them every step of the way."

Following Lee's resignation, the DP will be temporarily led by the party's floor leader, Park Chan-dae.