South Korean president vetoes probe bill involving first lady

South Korean President Yoon Suk-yeol vetoed two bills in parliament on Friday, including one calling for an investigation into allegations that the country's First Lady Kim Keon Hee manipulated stock prices.

Yoon exercised his veto power by endorsing a motion demanding the National Assembly reconsider the independent counsel bills that the main opposition Democratic Party railroaded through the Assembly last week, Seoul-based Yonhap News reported.

The ruling People Power Party boycotted the vote, calling it a "ploy to negatively paint the Yoon administration ahead of April's general elections."

The motion to veto the bills was approved by Yoon's Cabinet before the president vetoed them. It demanded that the parliament should reconsider the bills.

While Yoon's wife Kim is accused of manipulating Deutsch Motors stock prices between 2009 and 2012, the other bill sought an investigation into a development project in the Daejang-dong district of Seongnam, south of Seoul, amid allegations of corruption.

Deutsch Motors is a BMW car dealer in South Korea.

Kim has denied the allegations.

The Democratic Party has said there "should be no sanctuary in investigations."

Lee Kwan-sup, Yoon's chief of staff, told reporters that the allegations against the first lady "date back 12 years before she and the president got married."

The charges were investigated by the government of former President Moon Jae-in but resulted in "no summonses, let alone indictments."

Yoon's office expressed "deep regret" over the opposition party's move, calling it "evil laws meant for the general elections."

South Korea is scheduled to hold general elections to elect a new parliament, currently dominated by the opposition, later this year in April.