South Korean President Yoon Suk-yeol Survives Impeachment Motion as Ruling Party Boycotts Vote
Seoul, South Korea – Beleaguered South Korean President Yoon Suk Yeol has survived an impeachment motion triggered by his failed attempt to impose martial law earlier this week. The motion, tabled by opposition politicians, required a two-thirds majority in the 300-member National Assembly to pass. However, the ruling party boycotted the vote, making it impossible to meet the required quorum.
The motion was meant to strip Yoon of his presidential authority and trigger a new election within 60 days if approved. This is not the first time a South Korean president has faced impeachment, with two previous leaders, Roh Moo-hyun in 2004 and Park Geun-hye in 2016, having been impeached.
Yoon’s decision to declare martial law earlier this week for the first time since 1979 was met with strong opposition. The move was seen as an attempt to “protect the constitutional order based on freedom and eradicate shameful pro-North Korea anti-state groups, that are stealing the freedom and happiness of our people.”
A second special counsel investigation bill against first lady Kim Keon Hee, who has been accused of exerting inappropriate influence, failed to pass in a Saturday vote.
Yoon, who has an approval rating of just 19%, has made two public appearances since the crisis began, both of which were met with skepticism by the public. In his latest address, he apologized and vowed not to attempt to impose martial law again, saying he would take legal and political responsibility for his actions. His first lady, Kim Keon Hee, has also been accused of exerting inappropriate influence.
The situation has sent shockwaves through the country’s financial markets, with the Korean won experiencing significant volatility. The South Korean government has deployed 50 trillion won ($35.22 billion) to stabilize the domestic stock and bond markets if needed. Analyst Adarsh Sinha of BofA Securities warned that the currency could see big moves following the weekend’s vote due to both political and fundamental reasons.
