South Korean opposition moves to impeach President Yoon: 10 facts
News

South Korean opposition moves to impeach President Yoon: 10 facts

Posted on by Amelia Pressman

Seoul:

Lawmakers from South Korea’s opposition coalition filed a motion in the Asian country’s parliament on Wednesday to impeach President Yoon Suk Yeol after he shockingly declared martial law that brought thousands of protesters to the streets.

Here are the latest developments in the South Korean crisis:

  1. Opposition parties in South Korea, whose lawmakers clashed with security forces to reject controversial martial law, filed a motion Wednesday to impeach President Yoon Suk Yeol. “We have submitted an urgently prepared impeachment motion,” said Kim Yong-min of the opposition Democratic Party (DP).
  2. Lawmakers have yet to decide when to vote on the impeachment motion, but the vote could come as soon as Friday. South Korea’s opposition controls the National Assembly. The opposition has threatened to remove President Yoon from office if he does not resign voluntarily after his ill-fated attempt to impose martial law. In the event that Mr. Yoon resigns or is removed from office at that time, South Korea’s constitution stipulates that Prime Minister Han Duck-soo will step in to carry out presidential duties.

  3. Previously, the DP said in a statement it would file “insurrection” charges against Yoon, his defense and interior ministers, and “key military and police figures involved, such as the martial law commander and the police chief.” The National Assembly can impeach the president if more than two-thirds of the deputies vote in favor. Proceedings then take place before the Constitutional Court, which can confirm it with a vote of six of the nine judges.
  4. South Korea’s opposition has a large majority in the 300-member parliament and only needs a handful of defections from the president’s party to reach the two-thirds majority needed to pass the motion. Previously, even the leader of Yoon’s own ruling party, which controls 108 seats in the 300-member legislature, called the attempt to impose martial law “tragic” while demanding that those involved be held accountable.
  5. South Korean stocks fell on Wednesday while the currency fell to multi-year lows, only to recover later after Tuesday night’s shocking announcement. The hours of martial rule in the country sent shivers through the stock exchange floor in Seoul, and investors closely monitored developments in the country.
  6. The Kospi index closed down more than 1 percent, after losing as much as 2.3 percent at the open, as traders worried about the impact of Yoon’s declaration of the first martial law in the Asian country in more than four decades were. Analysts pointed out that the upheaval comes as authorities prepare for the second US presidency of Donald Trump, who has vowed to revive his tough trade policies.
  7. South Korea’s finance ministry and central bank sought to provide stability and calm markets by promising to provide money if needed to support volatile financial markets. “As announced jointly with the government, it has been decided to temporarily provide sufficient liquidity until financial and foreign exchange markets stabilize,” the Bank of Korea said. It added that “the range of securities eligible for (repo) transactions and target institutions will be expanded.” Deputy Prime Minister Choi Sang-mok, who is also in charge of the economic portfolio, said financial authorities would keep international partners updated on developments.
  8. South Koreans continued with their lives on Wednesday and people went to offices, shops and schools as usual. In the capital, Seoul, there were few visible signs that six hours of unexpected martial law and high political drama had spilled over into everyday life overnight. The city of 9 million started the day quite normally with the usual morning rush hour traffic on trains and on the streets. “At first I was scared and very confused. I kept thinking, ‘What’s going on? Can this actually happen during this time?’ I couldn’t sleep until martial law was lifted because I was so scared,” Gang He-Soo, 50, from Seoul, told Reuters.

  9. President Yoon declared martial law in a live televised address at around 10:30 p.m. (1:30 p.m. GMT) on Tuesday, but revoked the decree after lawmakers defied police and special forces who oversaw the vote National Assembly had tolerated it, which forced him to revoke the order. The president’s office said the declaration of martial law was made overnight to “minimize damage to the national economy and people’s lives.” South Korean soldiers equipped with rifles, body armor and night vision goggles were seen entering the parliament building in Seoul through broken windows as helicopters hovered in the night sky above the building.
  10. Shortly after news of the outbreak of martial law became known, thousands of demonstrators took to the streets demanding the revocation of the decree and the removal of the president. Flag-waving protesters stood guard outside Parliament, braving freezing temperatures throughout the night despite Mr Yoon’s martial law order. Several of Mr. Yoon’s senior aides also offered to resign en masse on Wednesday over the declaration of martial law.

Leave a Reply

Your email address will not be published. Required fields are marked *