- South Korean President Yoon Suk Yeol faced impeachment proposals from lawmakers following his declaration of martial law.
- Yoon withdrew the declaration after it was rejected by parliament and public protests demanded his resignation.
- The political crisis had a significant impact on financial markets, with the KOSPI index falling by 1.4%.
SEOUL — On Wednesday, South Korean legislators put forth a motion to impeach President Yoon Suk Yeol in response to his abrupt declaration of martial law. This decision, which was later withdrawn, led to a tense standoff between the military and parliament, tarnishing the nation’s reputation.
Yoon’s late Tuesday martial law declaration sought to suppress political activity and control the media in South Korea, Asia’s fourth-largest economy and a crucial ally of the U.S.
Armed forces stormed the National Assembly building in Seoul, but retreated when parliamentary staff used fire extinguishers against them. The martial law decision was rejected by lawmakers, while outside, protesters clashed with the police.
On Wednesday night, civic and labor groups held a candlelight vigil in central Seoul, demanding Yoon’s resignation. This was reminiscent of the large-scale candlelight protests that led to the impeachment of former President Park Geun-hye in 2017. The protesters then marched towards the presidential office.
Six opposition parties in South Korea submitted a bill to impeach Yoon in parliament. Yoon had already been accused of autocratic leadership by his opponents and even members of his own party. The vote is expected to take place on Friday or Saturday.
A plenary session to formally introduce the bill was scheduled to commence shortly after midnight on Wednesday.
“We couldn’t ignore the illegal martial law,” Democratic Party lawmaker Kim Yong-min told reporters. “We can no longer let democracy collapse.”
The leader of Yoon’s ruling People Power Party demanded the dismissal of Defense Minister Kim Yong-hyun and the resignation of the entire cabinet. Kim has offered to resign, according to the defense ministry.
The crisis shook global financial markets, causing South Korea’s benchmark KOSPI index KS11 to fall 1.4%, bringing its year-to-date losses to over 7% and making it the worst-performing major stock market in Asia this year.
The won remained stable but was close to a two-year low, with dealers reporting suspected intervention by South Korean authorities after overnight discussions between Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang Yong.
Choi sent an emergency note to global financial chiefs and credit rating agencies late on Wednesday, stating that the market was functioning normally and that the finance ministry was working to mitigate any negative impact from the political unrest, according to a ministry statement.
No specific threats
In a televised speech late on Tuesday, Yoon stated that martial law was necessary to defend the country from pro-North Korean anti-state forces and to protect the free constitutional order, although he did not cite any specific threats.
Within hours, South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion for martial law to be lifted, with 18 members of Yoon’s party present.
The president then rescinded the declaration of martial law, approximately six hours after its proclamation.
Protesters outside the National Assembly cheered and applauded. “We won!” they chanted, and one demonstrator banged on a drum.
“There are opinions that it was too much to go to emergency martial law and that we did not follow the procedures for emergency martial law, but it was done strictly within the constitutional framework,” a South Korean presidential official told Reuters by telephone.
There has been no reaction yet from North Korea to the drama in the South.
Yoon was embraced by leaders in the West as a partner in the U.S.-led effort to unify democracies against growing authoritarianism in China, Russia and elsewhere.
But he caused unease among South Koreans by branding his critics as “communist totalitarian and anti-state forces” as his approval ratings slipped. In November, he denied wrongdoing in response to influence-peddling allegations against him and his wife and he has taken a hard line against labor unions.
Seoul appeared largely normal on Wednesday, with the usual rush hour traffic in trains and on the streets.
But Hyundai Motor’s labor union announced plans to stage strikes on Thursday and Friday and some major employers, including Naver Corp and LG Electronics Inc, advised employees to work from home.
Sales of canned goods, instant noodles and bottled water had soared overnight, said a major South Korean convenience store chain, which sought anonymity.
“I’m deeply disturbed by this kind of situation, and I’m very concerned about the future of the country,” 39-year-old Seoul resident Kim Byeong-in told Reuters.
The National Assembly can impeach the president if more than two-thirds of lawmakers vote in favor. A trial by the constitutional court follows, which can confirm the motion with a vote by six of the nine justices.
Yoon’s party has 108 seats in the 300-member legislature.
‘Dodged a bullet’
If Yoon resigned or was removed from office, Prime Minister Han Duck-soo would fill in as leader until a new election was held within 60 days.
“South Korea as a nation dodged a bullet, but President Yoon may have shot himself in the foot,” Danny Russel, vice president of the Washington-based Asia Society Policy Institute, said of the first martial law declaration in South Korea since 1980.
U.S. Secretary of State Antony Blinken said he welcomed Yoon’s decision to rescind the martial law declaration.
“We continue to expect political disagreements to be resolved peacefully and in accordance with the rule of law,” he said in a statement.
Martial law been declared more than a dozen times since South Korea was established as a republic in 1948. In 1980, a group of military officers forced then-President Choi Kyu-hah to proclaim martial law to crush calls for the restoration of democratic government.
Disagree, impeachment is not the solution.
Disagree, impeachment won’t fix the mess created by martial law.
Disagree – Impeachment won’t undo the damage caused by martial law.
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