The head of the main opposition People Power Party(PPP) formally proposed a special counsel investigation into the country's hedge fund scandals which allegedly involve members of both ruling and opposition parties. 

PPP interim leader Kim Chong-in made the proposal on Monday, referring to Justice Minister Choo Mi-ae and Prosecutor General Yoon Seok-youl butting heads over the alleged bribery of opposition lawmakers and prosecutors.

Kim said there's a dispute of unprecedented nature between Choo and Yoon, after Kim Bong-hyun, a key suspect in Lime Asset Management's financial fraud case, claimed that he lobbied lawmakers and prosecutors.

The opposition leader stressed that a probe led by a special counsel would only win public trust in objectivity.

On Sunday, the Justice Ministry accused Yoon of failing to actively investigate the bribery allegations, claims which the Supreme Prosecutors' Office called groundless.

PPP floor leader Joo Ho-young said his party will soon submit a bill on the special counsel probe to the National Assembly, adding that the rival parties should stop the strife over the allegations.