SEOUL, Jan. 15 (Xinhua) -- A new political party led by former aides of South Korea's late President Roh Moo-hyun will be officially founded on Sunday, the preparatory committee of the new party said Friday.

    The party, whose English name is yet to be decided, will hold an official inaugural convention on Sunday with 3,000 party members to elect the party leadership, which is expected to be made up of former key aides to Roh.

    Former unification minister Lee Jae-joung, a sole candidate running for the top position at the party, will be nominated to be the leader of the party, according to the committee.

    Roh's former confidant Yoo Shi-min, who served as a health and welfare minister in the previous administration, is widely speculated to be planning to run for mayor in Seoul, South Korea's capital, according to local media.

    The late president leapt to death in May 2009 in the middle of an investigation into his alleged involvement in a bribery scandal, which opposition parties argued was politically motivated and legally defected.

    The foundation of the new party adds another minor opposition to South Korea's political landscape, while the main opposition Democratic Party, to which some of the new party members used to belong, is opposed to what it sees as an unnecessary faction that would weaken the collective power of opposition parties.