South Korea’s Yoon seeks to fight on as probes mount
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SEOUL – South Korean President Yoon Suk Yeol looks set to fight on rather than step down early as probes deepen into his martial law declaration and another likely impeachment bid looms.
Mr Yoon would rather fight an impeachment and has rejected the idea of quitting before the end of his term in February or March 2025 with a presidential election to follow two months later, according to a Chosun Ilbo newspaper that cites an unidentified ruling party member.
The report comes as the political crisis in South Korea deepens with the arrest of former defence minister Kim Yong-hyun and his attempt to take his own life
Mr Kim has no health issues following his attempt, according to Yonhap News.
Some members of Mr Yoon’s People Power Party have already hinted they will back an impeachment motion this time round, increasing the likelihood that it will gain the 200 votes needed.
On Dec 7, the motion failed after a PPP boycott left the National Assembly with fewer than 200 votes cast.
Passage of an impeachment motion would result in a Constitutional Court case lasting up to 180 days. Mr Yoon would actively respond in the case, the report said. If the court rules against Mr Yoon, he will be forced out of office and a presidential election called within two months.
The President is battling to stay in his role after his brief declaration of martial law
Markets have shown more resilience in the last couple of days with the Kospi equity benchmark up 0.8 per cent on Dec 11. The Korean won also rose 0.2 per cent against the US dollar as traders digest the political uncertainty.
South Korean Finance Minister Choi Sang-mok spoke with US Treasury Secretary Janet Yellen overnight and discussed economic and financial developments, and reaffirmed strong ties “built upon shared democratic values”, according to a Treasury statement.
The worst of the moves in the won seem over, after a recovery in levels since last week’s slide to the lowest against the US dollar since 2009 during the global financial crisis. South Korea is on the Treasury’s watchlist over its currency policy.
There are still few confirmed details of Mr Kim’s attempt on his life. Mr Kim is seen as a key conspirator behind the martial law order that rattled the Asian nation.
His warrant for allegedly playing a key role in insurrection and abusing power marks the first approval of formal arrests in a series of investigations under way against Mr Yoon and his subordinates a week following the shock martial law decree and its subsequent retraction. Mr Yoon has already been banned from travelling overseas.
The police said earlier that it could seek an emergency arrest of Mr Yoon, if conditions are met, following a review. Mr Yoon has been on the lookout for a legal team, contacting a former colleague of his who previously worked at the prosecution, Yonhap News reported, citing legal and political sources.
The Corruption Investigation Office for High-ranking Officials, an independent agency under the national government, is seeking to wrest control of the case from police and prosecutors. The group has raised concerns about potential bias within law enforcement, as police may have been involved in enforcing the martial law decree, and Mr Yoon’s experience as a prosecutor might affect how his case is handled. BLOOMBERG
