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Prosecution will not indict SKorean president's son over father's retirement home allegations

South Korean special prosecutors say they won't indict President Lee Myung-bak's son over alleged irregularities in funding his father's retirement home.

Special counsel Lee Kwang-bum told reporters Wednesday that his team found no evidence that Lee Si-hyung sought a special deal or bought land for the house on his father's behalf. It is illegal to purchase land under a different name in South Korea.

But the counsel says tax authorities will investigate the son over possible gift tax evasion. He also says that three former and current presidential officials have been indicted on charges of engineering a sweetheart deal for the son.

The counsel says there was no evidence the son was involved in orchestrating the deal.