South Korea's main opposition People Power Party(PPP) suspects that the ruling party's leading presidential hopefuls may be involved in recent hedge fund scandals.

At a party meeting on Tuesday, PPP floor leader Joo Ho-young refuted ruling Democratic Party(DP) Chair Lee Nak-yon's recent remarks that the alleged involvement of ruling camp figures in the scandals seems to be false.

Joo said it would be rash for Lee to conclude that the allegations are false, accusing the DP leader of offering a "guideline" to the prosecution investigating the allegations.

Referring to Lee allegedly being bribed over the scandals, PPP Rep. Sung Il-jong, a senior member on the parliamentary national policy committee, told KBS that if the accused feel the accusations are unfair, all they need to do is explain themselves.

Sung also took aim at Gyeonggi Province Governor Lee Jae-myung, who, in May, met with former Prosecutor General Chae Dong-wook, a former advisor to one of the now-defunct asset management firms.

Accusing the prosecution of deliberately delaying its investigation, the PPP has called for a special counsel probe into the allegations.