South Korean President Yoon Suk Yeol Impeached After Failed Martial Law Attempt
Impeachment Vote
South Korea’s President Yoon Suk Yeol was impeached on Saturday in a vote triggered after his failed attempt to impose martial law in early December. The vote was 204 in favor of impeachment and 85 voting against it, with three abstentions and eight votes ruled invalid. The vote required a two-thirds majority to pass.
Acting President and Leadership
Following the vote, Prime Minister Han Duck-soo will serve as acting president, after Yoon was suspended from state duties.
Background on Impeachment Motion
A previous impeachment motion on December 7 did not gain the required 200 out of 300 votes in favor from South Korea’s National Assembly, after allied lawmakers in Yoon’s People Power Party walked out before the show of hands. However, the tide has since turned, with PPP leader Han Dong-hoon appearing to throw his support behind a parliamentary vote to impeach Yoon and calling for an ethics committee to discuss his departure from the party.
Motivation for Impeachment
The motion was instigated by opposition lawmakers after Yoon on December 3 briefly imposed martial law for the first time since the military coup of 1979, citing the need to "protect the constitutional order based on freedom and eradicate shameful pro-North Korea anti-state groups, that are stealing freedom and happiness of our people."
Scandals and Low Approval Rating
Yoon has faced a slew of scandals, many surrounding his wife, businesswoman Kim Keon Hei, since assuming office for a single mandate in 2022. His approval rating plunged to 17.3% in the days since the December 3 incident, as Yoon, who initially said he put his fate in the hands of his party, undauntedly resisted mounting calls to step down from opposition lawmakers and peaceful protesters. He has been banned from leaving the country.
History of Impeachment in South Korea
Yoon is not the first South Korean president to face an impeachment vote since the turn of the century, with Roh Moo-hyun and Park Geun-hye removed in 2004 and 2016, respectively, as a result of such proceedings.
Market Reaction
The political turmoil initially sent markets reeling and kindled concerns over the democratic stability of Asia’s fourth-largest economy. However, John Woods, chief investment officer at Lombard Odier, believes that South Korea observers are now "looking through this crisis" and refocusing on local earnings.
Conclusion
The impeachment of President Yoon Suk Yeol marks a significant turning point in South Korean politics, as the country navigates the challenges of democratic governance and economic growth. The outcome of this crisis will be closely monitored by investors and observers alike.
FAQs
Q: What is the current state of the South Korean presidency?
A: President Yoon Suk Yeol has been impeached, and Prime Minister Han Duck-soo will serve as acting president.
Q: What triggered the impeachment motion?
A: Yoon’s failed attempt to impose martial law in early December, citing the need to "protect the constitutional order based on freedom and eradicate shameful pro-North Korea anti-state groups."
Q: What is the current state of Yoon’s approval rating?
A: Yoon’s approval rating has plunged to 17.3% following the December 3 incident.
Q: How will this affect the South Korean economy?
A: The political turmoil initially sent markets reeling, but experts believe that the country’s strong economy will continue to grow, driven by its tech, chip, and AI industries.