South Korea's ruling party candidate, Chung Dong-young has conceded victory in the country's presidential election.Exit polls show that Lee Myung-bak, the candidate for the conservative GNP party, has won more than 50% of the vote, beating UNDP candidate Mr Chung.
Mr Lee had been widely expected to triumph in the ballot, despite being under investigation for alleged fraud.
Official results are yet to be announced. The winner will replace Roh Moo-hyun after his five-year term.
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