Lee apologizes over 'shortcomings,' rules out re-election bid at somber Blue House press conference

President Lee Jae Myung's press conference on Friday was a somber affair, in which he apologized for his “shortcomings” and addressed various controversies contributing to his sinking approval ratings.

"Let me state this firmly once again: I have absolutely no intention of seeking re-election,” Lee said, drawing a clear line amid the controversy surrounding his pursuit of a constitutional amendment that could potentially allow consecutive terms.

His statement came about 50 days after National Assembly Speaker Cho Jeong-sik sparked debate on July 28 over the possibility of President Lee's re-election, remarking that the issue of a constitutional amendment allowing a sitting president's re-election was ultimately a matter of public opinion and the people's choice.

Lee’s latest press conference, attended by over 150 Korean and foreign reporters, lasted approximately 100 minutes, slightly longer than the initially allotted 90 minutes. Lee answered a total of 14 questions, fewer than in past ones. The latest press spanned less time than Lee’s first-anniversary press conference last June, which ran for 167 minutes with 21 questions, and his New Year's press conference in January, which ran for 173 minutes with 25 questions.

Lee’s signature banter, laughter and joking from previous pressers was missing this time around, as the president took a more serious tone, addressing blunt questions from reporters regarding his low approval ratings, controversial ministerial appointments and housing policy.

Lee referred to the term "shortcoming" 13 times throughout the presser.

Standing at the podium, Lee began his remarks by humbly stating, "I offer my greetings with a heart full of apology."

"It is true that I was taken aback when faced with the public's sudden disappointment and concern following the local elections,” Lee said during his 20-minute opening remarks. “After much deliberation and reflection, I concluded that the people are always right, and that the situation stemmed entirely from my own shortcomings."

The move could be an appeal for support directed at both centrist voters and within his own factionalized party base as his approval ratings have hit record lows in recent weeks.

Addressing the controversy over the potential withdrawal of indictments related to a special counsel probe into “fabricated indictments," Lee asked the National Assembly to take measures “to prevent unnecessary controversy regarding the withdrawal of indictments."

He asked parliament not to seek the cancellation of his indictments through a ruling Democratic Party-backed bill that would allow a special counsel to investigate the prosecution's alleged fabrication of the indictments. Lee has faced allegations that he is seeking to cancel his own indictments on various allegations of real-estate development corruption, election law violation and remissions to North Korea. This comes as Lee has pushed reforms that strip prosecution of investigative authority and empower police.

Lee’s press conference took place at 10:30 a.m. at the Blue House, thirty minutes later than originally scheduled. The delay took place to “allow time to refine the president’s remarks right up to the last moment.”

A Blue House official told reporters, noting that this reflects the “deep sense of responsibility and gravity with which President Lee views this press conference.”

Lee’s latest presser came as his approval rating dropped to a new low of 37 percent according to a Gallup Korea survey released Friday.

The latest Gallup survey showed that the positive assessment of Lee's performance fell 1 percentage point from the previous week, while his disapproval rating rose 5 percentage points to 56 percent.

The negative assessments reflect public sentiment on Lee’s real estate policy along with controversies surrounding recent Cabinet appointments

Lee's nominations of Justice Minister nominee Kim Seung-won, accused of illegal lobbying to speed along clinical trial approval for a Covid-19 treatment, and Rep. Yong Hye-in, who stepped down as his gender equality minister pick, have faced public backlash.

When asked about Supreme Court Chief Justice Jo Hee-de’s remarks on the need to uphold the independence of the judicial branch, Lee said at the press conference, “We need to consider the reason independence is granted to state institutions.”

In an address at the 20th Conference of Chief Justices of Asia and the Pacific Thursday, Jo stressed that “judicial independence must be upheld regardless of the challenges faced.”

The remarks come amid a conflict between Jo and the Blue House regarding the nomination process for Supreme Court Justice candidates.

Regarding rising housing prices, Lee said, "We will take every possible measure regarding regulations, supply and taxation, so the real estate market will gradually stabilize."

Lee also admitted to shortcomings in the introduction of single-stock leveraged exchange-traded funds (ETFs).

"It seems there were flaws in the government's policy,” Lee said when asked whether he considered the government's decision to introduce leveraged ETFs a mistake.

"Criticism is valid, and it appears there were shortcomings,” Lee said, indirectly admitting to regrets.

While noting that he had not yet grasped the specific procedural details of how the decision was reached, he acknowledged the government's responsibility, remarking, "Someone must have made the decision."

"The gist of the briefing I received at the time was that leveraged ETF products targeting companies like Samsung Electronics and SK hynix already existed overseas, such as in Hong Kong, causing domestic investors to move their capital abroad."

He said he was told that introducing these products domestically could redirect that investment demand back domestically and help stabilize the foreign exchange market.

However, he noted that the timing of the leveraged ETFs' introduction, coinciding with the final phase of a stock market rally, exacerbated investor losses.

"Please put aside any suspicions that we are retreating on reform," Lee said, answering a question from the public. "No matter how great the differences within our own camp may be, they are not as vast as the distance separating us from the opponent we must defeat. I hope we can make a fresh start."

This prompted criticism from main opposition People Power Party head Jang Dong-hyeok, who said Lee “claims to be a president for everyone, yet he has extended his hand only to the left,” far from his promise of “national unity.”

BY SARAH KIM [[email protected]]