South Korean President Lee Myung-bak has apologized to the nation for corruption allegations facing his brother and some of the president's top aides.

Mr. Lee gave a televised address Tuesday saying he bows his head in apology for “causing concern” to the South Korean people.

His brother, Lee Sang-deuk, was arrested earlier this month in connection with allegations that he received more than $500,000 from failed savings banks in exchange for favors.

Some of the president's former top aides have also been arrested in graft scandals.

Mr. Lee is set to leave office when his term ends in February.