The ongoing political crisis in Asia’s fourth-largest economy deepened on Friday after South Korea’s parliament impeached its second leader in two weeks.
South Korean lawmakers led by the opposition party impeached Acting President Han Deok-soo, who took office on December 14 after Yoon Seok-yeol was impeached for trying to establish martial law.
The vote to impeach Han-Ku took place after Han-Yu refused to immediately appoint three judges to fill vacancies on the Constitutional Court, saying it would exceed his acting duties.
Channel AF also reported: Neighbors are worried about China building new giant dams in Tibet
Opposition leader Lee Jae-myung of the Democratic Party, which holds majority control of parliament, accused Han Kuo-yu of “inciting rebellion.”
The motion to impeach Han Kuo-yu was passed by 192 votes out of 300.
Finance Minister Choi Sang-mok now serves as acting president, becoming the next president under the law. The spokesman said he would speak to the military chiefs and consult with the foreign minister and acting defense minister.
“Impeaching Han Kuo-yu will only mean long-term political uncertainty,” said Huh Jae-hwan, an analyst at Eugene Investment Securities.
“As far as financial markets are concerned, (Cui Tiankai’s) taking power can only be bad news, because it only shows that political turmoil continues.”
Shin Yool, a political science professor at Myongji University, said the country risks falling into economic troubles similar to the devastating financial crisis in the late 1990s.
The South Korean won fell back to 1,475.4 won against the U.S. dollar as of 1019 GMT, down 0.53%. Ahead of the vote, the currency briefly breached the 1,480 mark for the first time in nearly 16 years.
Blue chip Kospi also recovered some losses, closing down 1.02%. Leading the decline were technology companies, with chip manufacturer Samsung Electronics falling 0.37%, car manufacturers Hyundai and Kia falling 1.38% and 2.33% respectively, and battery manufacturer LG Energy Solution falling 1.02%.
Foreigners sold a net 148.5 billion won ($100.3 million) worth of shares on the main board on Friday.
What will happen in the future?
The impeachment of South Korea’s president has pushed South Korea’s once vibrant democratic success story into uncharted territory.
In a statement after the vote, Han said he was saddened by the impact of ongoing events on the next generation but accepted the results.
“I respect the parliament’s decision and to avoid further confusion and uncertainty, I will suspend my duties in accordance with the relevant laws,” he said.
He said he would wait for the decision of the Constitutional Court to review the impeachment motion.
The ruling People’s Power Party opposes the opposition-led impeachment of Han Kuo-yu and said it had submitted a constitutional petition.
During the impeachment motion, members of the People’s Party surrounded the speaker’s podium, shouting that the vote was invalid and that the parliament was engaging in “tyranny.”
Meanwhile, Korea Broadcasting Corporation KBS World Report Amid ongoing political chaos, the country’s business confidence fell to its lowest level since the COVID-19 pandemic in 2020.
Experts and South Korean leaders noted earlier this month that the timing of continued unrest Particularly relevant to the national economy Because it needs to prepare for the possible impact of incoming U.S. President Donald Trump’s tariff policies.
Worst political crisis in decades
The events that followed Yoon Eun-hye’s declaration of brief martial law triggered South Korea’s worst political crisis since 1987, when widespread protests forced the ruling party of former military generals to accept a constitutional amendment to elect the president in a direct, referendum vote. .
Yin shocked the country and the world when he declared martial law late at night on December 3 to break the political deadlock and root out “anti-national forces.”
Within hours, however, 190 lawmakers voted against Yin’s order, defying a military and police blockade. About six hours after the original decree was issued, Yin withdrew the decree.
In the days that followed, polls showed strong public support for Yoon’s removal. He was eventually impeached after he refused to vacate the premiership – a decision currently under review by South Korea’s Constitutional Court.
On the day the South Korean court was impeached, the court held its first hearing to review whether to overturn Yoon’s impeachment and reinstate him or permanently remove him from office.
The court has 180 days to make a decision. Judge Cheong Hyung-sik said the court would take swift action considering the seriousness of the case.
If Yoon is ousted, a new presidential election will be held within 60 days.
- Reuters, with additional editing and input by Vishakha Saxena
Also read:
South Korean authorities vow to calm markets after Yoon impeachment
Crucial Trump tariffs loom, South Korea loses leader
South Korea’s top leader thinks martial law declaration is deep fake
U.S. pressures South Korean chipmakers to further restrict Chinese chips
China welcomes “new starting point” for China-South Korea-Japan relations
South Korea to announce $7 billion chip industry plan
