Lee Jae-myung, the leader of the main opposition Democratic Party of Korea, proposed last Friday that a special counsel should be appointed to investigate allegations that he gave preference to developers of Daejang-dong, a district in Seongnam, while he was the mayor.

He made the proposal as prosecutors were looking into suspicions he received illegal funds for his presidential bid.

The prosecution arrested Kim Yong, his close aide and deputy head of the Institute for Democracy, a think tank of the party, on charges of receiving illegal money for Lee's presidential campaign from one of the developers. Kim was detained on charges of violating the political fund law.

Lee appears to be attempting to water down the investigation as prosecutors are closing in on him.

This is the second time that he proposed an appointment of a special counsel to investigate the Daejang-dong allegations.

In November of last year, he proposed the appointment of a special counsel, but the Democratic Party only exchanged verbal shots with the People Power Party without negotiations on a special counsel investigation.

It was a conditional counter offer to the then opposition People Power Party's call for a special counsel investigation of the Daejang-dong scandal. Lee alleged that Yoon was involved, too, and offered a special counsel probe of the allegation as well. He argued that in 2011 when Yoon was a prosecutor, he did not properly investigate Busan Savings Bank’s illegal loan to Daejang-dong developers, which Lee attributes to the Daejang-dong scandal. This is a far-fetched argument.

A special counsel is appointed when prosecutors fail to investigate properly.

Last year, prosecutors under President Moon Jae-in were dawdling during the investigation of the Daejang-dong scandal. The opposition party argued for the appointment of a special counsel due to the slow-moving investigation.

Now, the prosecution is investigating actively. There is no reason to appoint a special counsel.

Lee attached unreasonable strings to his proposal. He argued a special counsel should investigate the bank's loan to Daejang-dong developers and the apparently accidental purchase of the house of Yoon's father by an elder sister of one of Daejang-dong developers.

The allegations that Lee argued a special counsel should investigate as well has little to do with the nature of the Daejang-dong scandal.

The heart of the scandal is how private-sector developers were able to take astronomical profits from the public-private joint project, whether it is true that they gave illegal funds to Lee's close aide, and whether the money was spent on Lee's presidential campaign. Lee is involved in all of these issues.

Lee said that the prosecution's investigation is an oppression of the opposition party, but this does not make sense. Given that the court issued warrants for the arrest of Kim Yong and then his pre-trial detention, it would be hard to argue that the prosecution's investigation is unreasonable.

Testimonies and circumstances that a Daejang-dong developer gave money to Kim are emerging through the prosecution's investigation.

Kim is said to have demanded 2 billion won ($1.39 million) from Yoo Dong-gyu, former chief of the planning headquarters of Seongnam Development Corp. affiliated with Seongnam. Yoo conveyed Kim's demand to Nam Wook, a member of a small group of Daejang-dong developers. Nam is said to have delivered 847 million won from April to August last year to Jeong Min-yong, a former staff member of the strategic business team of the corporation. Jeong passed the money to Yoo, and Yoo handed it to Kim.

The prosecution is also said to have secured a note made by Nam's aide who went on an errand to deliver 847 million won to Jeong. The memo reportedly contained details regarding the delivery of the money such as time, place and amount.

Lee said he did not receive any amount from the developers. Then, what reason would he have to be fearful? When he is confident of his actions, but reacts adversely to the prosecution's investigation, not many can understand him.

If he believes he is innocent, then he should have no qualms to cooperate with the prosecution's investigation, and clarify suspicions.