Lee Denies 'Stock Price Boost for Local Election' Rumor... National Pension Service: "Not at All"

President Lee Jae-myung said on July 16 that he had received a report clarifying that the rumors about the National Pension Service boosting stock prices during the local elections were not true.

At the government work report meeting held at the Blue House State Reception Hall on this day, President Lee asked, "There are rumors that domestic stocks were bought en masse to raise stock prices because of the local elections." In response, Kim Sung-joo, Chairman of the National Pension Service, who was present at the site, immediately replied, "That is not true at all."

President Lee Jae Myung is speaking at a ministry briefing for the Ministry of Health and Welfare, the Ministry of Food and Drug Safety, the Ministry of Gender Equality, and the Anti-Corruption and Civil Rights Commission held on July 16 at the State Guest House of the Blue House. 2026.7.16 Yonhap News Agency

President Lee further inquired, "Did the National Pension Service actually purchase domestic stocks before the election?" and added, "Wasn't it actually a situation where you had to sell because the valuation of the existing stocks increased?" Chairman Kim explained, "We did not especially buy or sell; we simply held our existing stocks, and as the KOSPI index rose, the valuation increased."

Chairman Kim went on to say, "When we hold stocks, people ask why we don't sell; but if we sell, they ask why we are selling. We need to generate good returns to pay the public's pensions, but with so much public attention, it has become challenging to manage the fund."

President Lee joked, "I wondered if the National Pension Service bought (stocks) to boost prices without my knowledge. There are many people waiting to see me later about this." Chairman Kim responded, "Both you and I are taking a lot of criticism," which prompted President Lee to laugh.

Meanwhile, President Lee asked, "As the National Pension Service moves to Jeonju, is the relocation of related financial institutions increasing as well?" Chairman Kim replied, "Currently, more than 20 organizations have newly established offices, and by the end of this year, at least 30 institutions—including domestic asset management firms and the four major financial holding companies—are expected to relocate."

Regarding this, Chairman Kim stated, "To build a stable financial ecosystem, business infrastructure such as financial buildings and hotel convention facilities is essential. If the government supports these infrastructure efforts, we can make this initiative a success," he requested.

This content was produced with the assistance of AI translation services.