On 24 May 2003, the International Anti-Corruption Conference (IACC) held in Seoul, concluded with a reaffirmation by its participants of their determination to fight corruption and safeguard integrity through efficient law enforcement and preventive measures, packaged under a new ‘plan of action’. In a speech at the closing of the IACC session, President Roh Moo-Hyun described corruption as the biggest challenge to democracy and pledged that he would always stand ready to challenge corruption by all means. On the same day, Lee Ki-Ho, former senior presidential secretary for economic affairs, was arrested for abusing his power by pressuring a state-run bank to extend loans to Hyundai subsidiaries in June 2000.