PPP Criticizes Lee: "Anteater Rampage to Wipe Out Retail Investors... Commercial Act Amendment Is Self-Betrayal"

"Lee, the One Responsible for Creating the Korea Discount"
"Discussion Should Focus on Capital Markets Act Amendment Instead of Commercial Act"

Kwon Sungdong, floor leader of the People Power Party, criticized the "Era of KOSPI 5000" pledge made by Lee Jaemyung, former leader of the Democratic Party and a presidential hopeful, calling it "an anteater rampage that will wipe out retail investors."

At a floor strategy meeting held at the National Assembly in Yeouido, Seoul on April 22, Kwon stated, "Lee boasts about ushering in the era of KOSPI 5000, but as the person responsible for creating the unprecedented Korea Discount through his destruction of state affairs, he is in no position to make such claims."

Kwon Sungdong, floor leader of the People Power Party, is speaking at the floor strategy meeting held at the National Assembly on April 22, 2025. Photo by Kim Hyunmin

Kwon also raised the issue of Lee's controversial stock trading. He said, "His remarks about strongly responding to unfair trading are laughable," and pointed out, "After the 2022 presidential election, Lee purchased stocks worth billions of won in a defense company and, shamelessly, was assigned to the National Defense Committee after winning a by-election."

Kwon further criticized Lee, saying, "For someone with four criminal convictions to advocate for a one-strike-out policy is a contradiction in terms," and added, "Lee, who is standing trial for 12 charges in 8 separate cases, is mocking the market when he talks about trust and fairness."

The party also took aim at renewed efforts to push for amendments to the Commercial Act. Kim Sanghoon, the party's policy chief, remarked, "At a time when the economy is not only stagnant but even facing the risk of regression, pushing again for amendments to the Commercial Act is a betrayal of Lee's own words and proves that his statements about business and growth are false."

He went on to urge, "If Lee truly cares about South Korea as a presidential candidate, he should withdraw his intention to push for amendments to the Commercial Act, in line with his own words that national wealth is created by businesses, and instead begin discussions on the Capital Markets Act amendment proposed by the People Power Party."