South Korea's president accepts resignation of PM over bribery allegations

SEOUL (Bloomberg) - South Korean President Park Geun Hye has accpeted an offer of resignation from Prime Minister Lee Wan Koo over bribery allegations.

Mr Lee, 64, submitted his offer last week to Ms Park, who returned on Monday from a 12-day trip to Latin America.

He is alleged to have received 30 million won (S$37,200) from a local businessman who made the claims before he was found hanged from a tree in northern Seoul.

Mr Lee, who has denied taking the money, was Ms Park's third pick for prime minister after Mr Chung Hong Won resigned from the post in the aftermath of the Sewol sinking and two other candidates withdrew their names. He announced a sweeping anti-corruption campaign weeks after his confirmation in February.