Song Eon-seok, floor leader of the ruling People Power Party (PPP), on Friday characterized police investigations into ruling party candidates ahead of local elections as "going easy on ruling party figures," demanding that "police are unqualified as an investigative body and should step back from probes into those in power."
At a Supreme Council meeting held at the National Assembly in Yeouido, Seoul, Song said, "Following the effort to 'save Private Jeon Jae-su,' suspicions of a 'save Jeong Won-oh' investigation by police are growing thick. The Seoul Metropolitan Police Agency pulled up from Dobong Police Station to directly review the complaint filed by candidate Jeong Won-oh against Rep. Kim Jae-seop, while transferring Jeong's own poll publication case to Seongdong Police Station."
"Why are investigations of ruling and opposition parties treated so differently? Is this not an intent to directly investigate the opposition while burying cases involving the ruling party?" he questioned.
Regarding Rep. Jeon Jae-su, who was confirmed as the Democratic Party's Busan mayoral candidate for the June 3 local elections, Song said, "When asked whether he received a Cartier gift, he cannot say 'I did not receive it' and merely repeats that 'the matter has been concluded.' This is an extremely arrogant attitude. The investigation may have concluded, but Busan citizens' doubts have not."
He added, "I urge him to take responsibility for his own bold claims about passing the Busan Development Special Act."
Song described the KOSPI's recovery to the 6,000-point level amid the recent U.S.-Iran peace negotiation developments as a "meaningful change," while criticizing the government for bearing significant responsibility for the highly volatile market conditions.
"The market is on a 'roller coaster' with buy sidecars triggering one day and sell sidecars the next," he said. "Such repeated sharp declines reveal the structural vulnerabilities of our stock market. The problem lies in a distorted market structure where retail investor ratios are excessively high and holding periods are short, with short-term trading becoming entrenched."
He further stated, "Adding to this are statement risks from high-ranking officials. As soon as Policy Chief Kim Yong-beom mentioned a specific speed on social media, related stocks surged. This is a dangerous signal where policy-driven volatility shakes the market and encourages retail investors to pile in. The government must be careful not to turn the stock market into a casino."
"The government should not pat itself on the back over rising numbers but exercise caution in message management," Song emphasized. "It should set market stability as a clear objective by easing the environment centered on day trading and leveraged investing, and enhancing market predictability through consistent policy signals."
