Jang Donghyuk: "Lee Government Suspected of Mobilizing National Pension Service Ahead of Election... Special Prosecutor Needed"

Also targets losses in Samsung Electronics and SK hynix ETFs
Jang: "The truth must be established through a parliamentary investigation and a special prosecutor"

Jang Donghyuk, leader of the People Power Party, called on Oct. 22 for a parliamentary investigation and the appointment of a special prosecutor, alleging that the Lee Jae-myung administration mobilized the National Pension Service to boost the stock market ahead of local elections.

At a Supreme Council meeting at the National Assembly that day, Jang said, "A total of 182 trillion won in the National Pension Service, the people's retirement assets, has vanished." He added, "If the National Pension Service was illegally mobilized to win an election, that would be clear grounds for impeachment and a serious crime."

People Power Party leader Jang Donghyuk delivers opening remarks at a Supreme Council meeting at the National Assembly on Oct. 22, 2026. Photo by Yoon Dongju.

He claimed, "Ahead of the local elections, the government mobilized the National Pension Service to the fullest to prop up the stock market. It postponed rebalancing and sharply raised the target allocation to domestic stocks. This would have been impossible without the president's decision."

He added, "This administration has plundered tens of trillions of won from the people's accounts," and stressed, "A parliamentary investigation and a special prosecutor's investigation must be launched before it is too late to uncover the truth."

Jang also blamed the government over single-stock leveraged ETFs tied to Samsung Electronics and SK hynix. "It has emerged that individual investors had lost 6 trillion 313 billion won as of Aug. 14," he said. "Since the ETFs have plunged more than 70% from their listing prices, the losses will grow even larger."

He criticized the government, saying, "It intervened in policy matters and abused its authority throughout the product launch process, but now that the incident has happened, it says the government can do little to intervene."

Jang also took aim at President Lee's approach to communicating on social media. Referring to controversy over the attendance of heads of investigative agencies, including the head of the Serious Crimes Investigation Agency, at Cabinet meetings, he said, "The media, regardless of whether it is conservative or progressive, has criticized it, and the People's Solidarity for Participatory Democracy has also raised concerns that it could undermine impartiality. But the president has listened only to Gemini's assessment and is lost in self-congratulation."

He added, "The ministers in this administration look only to the president, while President Lee looks only at social media and AI. The people are now at their breaking point because of soaring home prices and chaos in the rental market."

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