Yoon to exercise the right of veto if the twin special prosecution laws, the presidential office says

South Korean President Yoon Seok-yul and his wife Kim Geun-hee, who is on a state visit to the Netherlands, wait in a vehicle after getting off their private plane, Air Force 1, at Amsterdam\'s Schiphol Airport on Monday (Nov. 11). Yonhap News Agency

A special prosecution law to investigate alleged stock price manipulation by First Lady Kim Keon-hee passed the National Assembly on December 28. The "Kim Keon-hee Risk" has emerged as a key issue ahead of next year's general election. A special prosecution law on Daejang-dong 5 billion Club, the group of people receiving bribes in relation to a land development scandal in Seongnam, Gyeonggi Province, also passed the National Assembly. The presidential office said it would immediately exercise its right of veto if the so-called twin special prosecution laws are transferred to the government.

Strong opposition is expected following President Yoon Suk-yeol's use of the veto as a bulletproof way to block investigations into allegations of his wife. It is the first time in history that the president has vetoed an investigation into allegations of family corruption. It is also criticized as an act of ignoring public opinion and parliament to announce the rejection even without reviewing the special prosecution law, which was adopted by the National Assembly with a majority of public opinion in favor.

The National Assembly passed the special prosecution law for Kim's alleged stock price manipulation with all 180 members voting in favor. Lawmakers from the ruling People's Power Party did not participate in the vote. The special prosecution law is aimed at investigating Kim and her family's alleged involvement in the manipulation of Deutsch Motors' stock price. The probe could also be expanded to include allegations that Kim received luxury bags. A special prosecutor's investigation would be a megaton-level bad news for the ruling party ahead of the general election. Han Dong-hoon, new chairman of the PPP’s emergency committee, has already labeled Kim's special prosecution law an "evil law" and her alleged acceptance of luxury bags "political maneuvering with hidden cameras."

The National Assembly also passed the special prosecution law on Daejang-dong 5 billion Club with all 181 members voting in favor, with the ruling party absent. It will investigate allegations that Hwacheon Daeyu's de facto owner Kim Man-bae lobbied lawyers for 5 billion won to develop Daejang-dong. This could spark a firestorm for Yoon, who was in charge of investigating the Busan Savings Bank, which the opposition has pointed to as a reservoir of funds for the initial development of Daejeon-dong.

Lim O-Kyeong, spokesperson for the Minjoo Party, criticized Yoon's notice of veto, saying, "He is refusing the investigation in order to protect his spouse." The PPP held a protest rally in front of the plenary chamber after both parties debated on the bill. Yun Jae-ok, the PPP’s floor leader, said, "The twin prosecution laws are an evil law to disturb the public sentiment ahead of the general election and to distract people’s attention away from the judicial case of Lee Jae-myung."

The presidential office said in a briefing that it would veto the twin special prosecution laws as soon as they are transferred to the government. If the president vetoes the bill, the National Assembly will hold a re-vote for it. The re-vote requires two-thirds of the lawmakers present to pass with the majority attendance.

National Assembly Speaker Kim Jin-pyo tried to propose an arbitration bill that removed the right to request special prosecutors to investigate from the Itaewon Truth and Reconciliation Act, submitted by the Minjoo Party, and delayed its implementation until after the general election, but it was rejected by the PPP. Kim plans to hold a vote at the plenary session on January 9 next year.

※This article has undergone review by a professional translator after being translated by an AI translation tool.