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Lee Kuan Yew's son to lead Singapore

, Singapore, May 31 (UPI) -- Prime Minister Goh Chok Tong will announce the handover date of his seat to his deputy, Lee Hsien Loong, in July, officials said.

Channel NewsAsia reported Monday that Second Assistant Secretary General Wong Kan Seng said Goh would make the handover date after an official overseas trip in July.

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The statement came one day after Deputy Prime Minister Lee hinted the political succession might take place after the National Day Rally, traditionally held in August.

However, Lee, who is also Finance Minister, is urging everyone to be patient and to let the political succession take its course.

Lee is the son of Singapore's founding father Lee Kuan Yew and will follow his father and Goh to become the city-state's third prime minister since independence in 1965.

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