Former Hyundai exec headed for victory in S. Korea

SEOUL, South Korea (CNN) -- Lee Myung-Bak, a 65-year-old former Seoul mayor and Hyundai executive, appears headed to a landslide victory in South Korea's presidential election, according to exit polls released as the voting ended Wednesday.

With vote counting just under way, official results are not expected to be announced for several hours.

Exit surveys taken by South Korean television channels MBC and KBS showed Lee, the leader of the opposition Grand National Party, with just over 50 percent, while Chung Dong-Young of the United New Democratic Party was a distant second with just 26 percent.

Independent candidate Lee Hoi-Chang was in third with 13.5 percent, according to the exit polls.

Although Lee was comfortably leading the pack of presidential hopefuls, the election became uncertain Monday when the National Assembly voted to investigate accusations of fraud against Lee after political opponents released a video clip of him saying he founded an investment company that's at the center of stock manipulation charges.

Lee, broke out from the pack of candidates by virtue of his compelling rags-to-riches life story and his business background. He collected trash to put himself through college, then rose to become one of the youngest CEOs of Hyundai Construction, earning himself the nickname "The Bulldozer."

Chung, 54, is a former television news anchor and unification minister who has been running a distant second in the race, with an approval rating 20 percentage points behind Lee.

Running as an independent is Lee Hoi-Chang, 72. He is considered the most conservative of the top three presidential hopefuls.

The winner will take over from Roh Moo-Hyun. Roh won the presidency with promises of reform and clean governance, but his five-year term has been marred by scandal, with a string of Cabinet officials forced to resign over corruption allegations and Roh himself surviving an impeachment attempt in 2004. At the same time, he improved relations with North Korea and became only the second South Korean president to meet with his counterpart in the North.

Ethical questions have dogged Lee, too, throughout the year. But in a campaign where economic issues have been on the minds of many South Korean voters, Lee's corporate resume has given him the upper hand.

Critics have challenged Roh's economic policies, saying he raised taxes, created higher unemployment and caused real estate prices to soar.