Lawmakers attend a plenary meeting at the National Assembly in Seoul on Dec. 21. (Yonhap)

The National Assembly was set to hold a vote Thursday on two contentious special investigation proposals, one of them into stock manipulation allegations involving first lady Kim Keon Hee.

The main opposition Democratic Party is expected to use its parliamentary majority to railroad the two bills. The ruling People Power Party has strongly opposed them, arguing they are a political ploy ahead of April's general elections.

But the DP has argued that no one is untouchable, including the first lady.

Even if the bills are approved, President Yoon Suk Yeol is expected to exercise his veto power against them, though it could run the risk of backlash ahead of the upcoming elections.

First lady Kim has been accused of involvement in manipulating the stock prices of Deutsch Motors Inc., a BMW car dealer in South Korea, between 2009 and 2012.

She has denied the allegations.

The other special investigation proposal is about the "5 billion club" allegations that six prominent people were promised 5 billion won ($3.8 million) each from an asset management firm involved in a corruption-ridden development project in the Daejang-dong district in Seongnam, south of Seoul.

A special bill on last year's Itaewon crowd crush could also be put to a vote during Thursday's session.

The bill aims to provide support to the victims and open a special investigation committee to determine the people responsible for the tragic incident.

The PPP has claimed the legislation is designed to stir up negative sentiment against the government ahead of the elections, while the DP has vowed to pass it by year's end in order to better support the victims. (Yonhap)