President Lee Jae-myung on the 16th publicly asked about allegations that the National Pension Service intentionally bought domestic stocks to lift share prices ahead of the June 3 local elections.
At the second government ministry work briefing held at Cheong Wa Dae that afternoon, the president asked National Pension Service Chairman Kim Sung-ju, "There is a rumor that the service bought up domestic stocks because of the local elections to push up prices," and asked, "Did you actually make purchases?" In response, Kim said, "Not at all."
Kim said, "We originally held the stocks as they were, but as the KOSPI rose, the valuation increased," adding that it was a situation where they had to sell shares. He also said, "If we just hold the stocks, people say, 'Why don't you sell?' and when we try to sell, they say, 'Why are you selling?' We are investors too, and we have to make profits to return pensions to the public, but with so much public attention, it is difficult to manage the fund calmly."
Smiling, the president said, "I even wondered, 'Did the pension service buy stocks without me knowing?' There are many people itching to tell me, 'Let's talk later.'" He added, "It wasn't bought (before the local elections); I asked to confirm that for you," and Kim said, "Both you, Mr. President, and I are getting heavily criticized."