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. MORE TO READ