Ahn Cheol-soo: “182 trillion won evaporated from the National Pension Service (NPS)—was it on President Lee Jae Myung’s orders?”

[Financial News] Ahn Cheol-soo, a People Power Party lawmaker, urged stronger independence and accountability in fund management, raising the possibility that President Lee Jae Myung had intervened over the fact that the value of the NPS’s domestic stock holdings had fallen by more than 182 trillion won in just over three months.

On the 1st, Ahn posted a message on Facebook titled, “Who ordered the NPS rebalancing delay that cost 182 trillion won?”
Ahn said, “Over the past three and a half months, the market value of shares in 287 listed companies reported as held by the NPS has fallen by about 182 trillion won,” adding, “The figure is about 131 trillion won for just two stocks, Samsung Electronics and SK Hynix.” He went on to criticize the decision, saying, “Stock prices can rise and fall, but the principles for managing the public’s retirement funds must not be swayed by the administration’s preferences.”
He continued, “The NPS deferred rebalancing its domestic stock holdings in January this year, then raised its target allocation to domestic stocks. We need to examine whether it was appropriate to delay sales intended to diversify risk and increase the share of domestic stocks, and how that decision affected the decline in their value.”

Ahn criticized them, saying, “But the government and ruling party are delaying the submission of the minutes, claiming they could affect the market. The National Pension Act stipulates that the minutes must be submitted confidentially when requested by the relevant standing committee of the National Assembly. They are blocking a way to scrutinize the decision immediately while protecting investment information, even though one is available.”
He continued, “When there are gains, they’re the government’s achievement, but when valuations plunge, it’s investment secrecy? If the decision was reasonable, why block even a confidential review?” He asked pointedly, “Did President Lee Jae Myung even give the order?”
He emphasized, “If there is a ‘serial asset destroyer’ who tried to trade the public’s retirement security for the administration’s achievements through measures such as introducing ‘Samsung-Hynix’ leveraged ETFs and deferring NPS rebalancing, that person must be tracked down and held accountable, whoever they are. The independence and accountability of fund management must be properly strengthened so the NPS is not abused at the administration’s whim.”
[email protected] Kim Su-yeon Reporter