South Korean President Yoon Suk Yeol has been removed from office following the controversial one-night martial law he declared in early December. In the interim, his prime minister has assumed leadership while the Constitutional Court decides on Yoon’s fate.
Late Saturday, South Korea’s National Assembly convened to vote on the impeachment of President Yoon Suk Yeol following his brief declaration of martial law earlier this month. While Yoon survived a prior impeachment attempt, this time, the motion passed with 204 votes in favor, including 12 members from Yoon’s own People Power Party who sided with the opposition.
Yoon defended his use of emergency powers, stating it was necessary to remove “anti-state forces” and counteract obstructionist political opponents. However, the move plunged the nation into a political crisis, sparking protests of over 200,000 people and widespread calls for his removal.
With Yoon’s impeachment, South Korean Prime Minister and now Acting President Han Duck-soo sought to reassure the nation’s allies. In a conversation with U.S. President Joe Biden, Han emphasized that South Korea would continue implementing its policies without disruption and that the alliance remains strong and will continue to develop, capable of deterring North Korea.
In addition to the political developments, the finance minister, Bank of Korea governor, and top financial regulators held a meeting to monitor the financial and foreign exchange markets. The benchmark KOSPI index continued to rise on Monday for the fifth consecutive session, reaching its highest level in over two weeks, as authorities pledged to stabilize the markets.
As for Yoon, the nation’s Constitutional Court is now reviewing his case, with the possibility of insurrection charges against him and several senior officials. The court has six months to decide whether to remove or reinstate Yoon. Should Yoon resign or be officially removed, a new presidential election will be held within 60 days.
Currently, a joint investigation team made up of the police, the defense ministry, and an anti-corruption agency has been established. According to Yonhap News, the team plans to summon Yoon for questioning this Wednesday, following Yoon’s failure to appear for a separate inquiry by the prosecutors’ office on Sunday.
