Hyundai founder's son running for presidency of South Korea

Chung Mong-joon, a veteran lawmaker and a son of the late Hyundai Group founder has declared his candidacy for president of South Korea.

The presidential election is scheduled for Dec. 19 with incumbent President Lee Myung-bak barred by law from seeking re-election.

"I will write a new history for Korea by drawing on my experiences in managing a firm, in foreign diplomacy and in helping the Republic of Korea become one, said Chung in a news conference.

Chung was re-elected to parliament for a seventh straight term in the April 11 general elections. It was Chung's second time being chosen to represent a Seoul electoral district, after serving five terms in the southeastern city of Ulsan, where the world's largest shipyard, Hyundai Heavy Industries Co., is based.

The lawmaker is a son of late Hyundai Group founder Chung Ju-yung and the biggest shareholder of Hyundai Heavy Industries.