Conservative Candidate Concedes in South Korean Election

In a significant political development, South Korea's main conservative candidate, Kim Moon Soo, has conceded defeat in the recent presidential election.

Kim, representing the People Power Party, announced at a news conference on Wednesday that he 'humbly accepts the people's choice,' extending his congratulations to liberal rival Lee Jae-myung, who emerged victorious.

The concession came as voter turnout figures and media projections pointed towards Lee's victory, set to succeed former president Yoon Suk Yeol, a conservative leader removed from office in April following a controversial brief imposition of martial law.

(With inputs from agencies.)