Yoo Seong-min demands probe into National Pension Service after KOSPI crash

Former lawmaker Yoo Seong-min has called for an investigation into the National Pension Service (NPS) following a sharp decline in the KOSPI, which fell below the 6,000 level during intraday trading. Yoo criticized the fund for failing to adhere to rebalancing principles, alleging that the NPS lost significant portions of citizens' retirement savings while foreign investors engaged in 'hit-and-run' profit-taking.

According to Yoo, the NPS fund assets dropped from 1,866 trillion won in June to 1,684 trillion won in July. He specifically noted that domestic stock assets fell from 543 trillion won to 419 trillion won during that period. Yoo pointed out that although the NPS Fund Management Committee raised the domestic stock weight ceiling from 14.9% to 20.8% in May, the fund failed to maintain this ceiling in the months following.

Furthermore, Yoo criticized the administration's handling of market volatility, specifically mentioning the introduction of single-stock leverage products for companies like Samsung Electronics and SK Hynix. He demanded a truth-finding investigation to determine if political pressure influenced the decision to raise domestic stock limits and called for accountability to prevent future mismanagement of public retirement funds.