The election was held three years into President Kim's five year mandate.
Other analysts say the move was a political one by President Kim.
President Kim seems alert to the problem and eager to massage it.
President Kim, who has been severely hurt politically by the scandal, did not make any statement.
"He should not have exploited President Kim's vision and good will."
Some of this money presumably went to support President Kim in the 1992 election.
President Kim is expected to make a speech and apology to the nation in the coming week but his spokesman issued a statement tonight.
President Kim, speaking to business leaders, stuck fast to his course of hoping to solve any problems through dialogue.
President Kim has taken steps to reform the political system.
President Kim, by law, is not allowed to run for a second term.