[Financial News] Seoul Mayor Oh Se-hoon's path to the presidency has opened wide. After the first trial in the case involving allegations of proxy payment for Myeong Tae-gyun's polling fees handed down a sentence that would cost him his mayoral office, some said he had effectively received a “political death sentence.” But his acquittal on appeal has brought him back from the brink. Observers say he now has more room to maneuver in the conservatives' struggle for leadership, both in the next party leadership race and in the 2030 presidential race. On the 23rd, the Seoul High Court's Criminal Division 7 acquitted Oh in a case involving a violation of the Political Funds Act. The panel overturned the first-trial conviction, finding the testimony of political fixer Myeong Tae-gyun unreliable. Had the first-instance ruling imposing a 10 million won fine been upheld on appeal and then by the final, third-instance court, a Seoul mayoral by-election next April would have been highly likely. Although a final ruling is still pending, Oh's acquittal on appeal appears to have further strengthened his political standing. If he had lost both his mayoral office and his eligibility to run for office, he would effectively have had no choice but to drop out of the presidential race. Some also questioned whether he could realistically look ahead to the 2035 presidential election, given that he was born in 1961 and was no longer young. Amid speculation that he might effectively be headed for retirement from politics, his miraculous comeback has allowed him to breathe a sigh of relief. The green light for Oh's presidential ambitions has grown brighter. With approval ratings for President Lee Jae Myung and the Democratic Party on a downward trend, the conservative opposition is seeking to regain power by foregrounding calls to punish the incumbent administration in both the 2028 general election and the 2030 presidential election. Among conservative opposition candidates, aside from independent lawmaker Han Dong-hoon, Oh is the leading figure being touted as a potential People Power Party candidate. Having shed a legal liability, he now stands out as a leading presidential contender. With Seoul's municipal administration also regaining stability, Oh is expected to assert himself by taking on the government over real estate policy. Recently, he has been engaged in a power struggle with the government over its real estate policies, including the development of Yongsan Park. President Lee Jae Myung recently called personally for housing to be supplied swiftly, which requires cooperation from the Seoul Metropolitan Government. Oh could try to gain the upper hand on real estate, an issue of decisive importance in elections in the Seoul metropolitan area. Given the tendency of South Korean politics to reorganize around presidential contenders, Oh is also likely to gain greater influence within his party. But the positions of Jang Dong-hyuk, the People Power Party leader, and lawmaker Han Dong-hoon—both prominent figures in the same camp—have become more complicated. Oh is inevitably a thorn in Jang's side. Oh has criticized Jang's “one-man rule of the party,” including his use of disciplinary measures and his Yoon Again line, and has repeatedly called on him to step down to ensure victory in the local elections. Even after the local elections, Jang has continued visiting Olympic Park to appeal to hard-line supporters, while Oh is regarded as having the ability to broaden the party's appeal among centrists. The two stand at opposite ends of the spectrum. There is also a considerable chance that lawmakers outside the party leadership who are close to Oh will mobilize again. Lawmakers Jo Eun-hee and Kim Jae-seop, as well as members of the Alternative and Future group, could once again criticize Jang's line, call for conservative unity and lend their support to Oh. Party officials also said, “With the Democratic Party's approval rating falling sharply, might Jang not also be one reason the People Power Party's rating is failing to rise?” They added, “It is questionable whether the party can fight the next general election under leadership like this.” Lawmaker Han Dong-hoon's calculations are likely to be complicated. Oh and Han were both seen as part of the “Oh-Dong-seok alliance” (Oh Se-hoon, Han Dong-hoon and Lee Jun-seok), and both have voiced criticism of Jang. The prevailing view is that the two figures, who can broaden the party's appeal among centrists, will need to work together if they are to take control of the party. At the same time, both are potential presidential contenders eyeing 2030, putting them in competition with each other. A political insider predicted, “Han and Oh are in a relationship where they cooperate with and keep each other in check,” adding, “For now, rather than competing, wouldn't they join forces to raise the party's approval rating?” Assuming the final court rules to acquit him, the contest for party leadership is likely to be the key variable ahead of the general and presidential elections. If Jang Dong-hyuk remains party leader beyond next February, a party convention is scheduled for August. The party members' choice will inevitably have a major impact on both elections. Oh is the Seoul mayor, while Han is not affiliated with the People Power Party, so neither can run directly at present. One scenario being discussed is that stand-ins representing Oh and Han could run for party leadership. [email protected] Lee Hae-ram Reporter