President Lee Myung-bak made the right decision when he accepted Friday the National Assembly’s demand that he appoint an independent counsel to look into his aborted retirement home construction plan.

Earlier this month, the Assembly approved a bill to have an independent counsel investigate the allegations that Lee violated the law on real-name financial transactions by purchasing land for the residence in Naegok-dong, southern Seoul, in his son’s name.

Lee’s son is also suspected of having committed a breach of trust by arranging a deal with the Presidential Security Service in his favor. The security service, which purchased land lots surrounding the residence to build security facilities, allegedly paid more than its share, letting the president’s son pay less.

Lee must have anguished over the bill as his endorsement would subject his family as well as himself to an investigation that he could hardly accept. For him, the charges against him simply make no sense, given that he has already donated all his personal wealth to the nation.

He could have vetoed the bill on the grounds that it compromised the political neutrality of the independent counsel to be appointed. The bill deviated from established practices by giving the right to recommend the two candidates for the post of independent counsel to the main opposition Democratic United Party.

Since the independent counsel system was introduced in 1999, special counsel candidates have been recommended by the Korean Bar Association or the Supreme Court chief justice to ensure that investigations are carried out without being influenced by political parties.

Lee could have claimed that the bill made it difficult for him to expect a fair and politically neutral investigation. For this reason, he could have further argued that the bill was in violation of the Constitution.

Yet he rightly resisted the urge to wield his veto power. Had he succumbed to the temptation, he would have caused fresh uproar and merely fueled public suspicion that he had indeed violated the law for petty personal gains.

This would have undoubtedly done harm to Park Geun-hye, the ruling Saenuri Party’s presidential candidate whose approval rating has recently been on the decline.

All things considered, Lee’s acceptance of the bill was a step in the right direction. Now, having decided to face the music, Lee needs to fully cooperate with the probe.

The DUP, for its part, should recommend candidates who would conduct investigations without any political considerations. The opposition party could face a backlash if the special prosecutor carries out the probe in a grossly unfair way or fails to shed new light on the case, which was closed by prosecutors in June.