South Korea’s President Yoon Suk Yeol was impeached on Saturday following his attempt to impose martial law earlier in December.
The vote, which took place in the National Assembly, came after Yoon’s brief and controversial martial law declaration on December 3. The motion to impeach was introduced by opposition lawmakers, with support from some figures within his own party, the People Power Party (PPP), including leader Han Dong-hoon.
A presidential election must be held within 60 days if the president is either dismissed or resigns. The first impeachment motion, which failed to secure the necessary 200 votes, was held on December 7 after PPP members walked out of the session. However, the situation shifted when Han Dong-hoon voiced his support for Yoon’s impeachment, prompting a change in parliamentary dynamics.
The decision to declare martial law, which was quickly reversed within six hours, sparked concerns about Yoon's intentions. He justified the move by citing the need to protect constitutional order and combat pro-North Korea anti-state groups. This action raised fears that Yoon may attempt a second, more extensive martial law declaration.
Yoon, who assumed office in 2022, has faced numerous scandals, many involving his wife, businesswoman Kim Keon Hee. His approval rating fell to 17.3% following the martial law incident. Despite calls from opposition lawmakers and protesters for his resignation, Yoon remained defiant, stating in a national address on Thursday that he would “fight to the end” and “stand firm” in the face of the opposition’s accusations.
In the midst of this political crisis, South Korea’s economy faced instability, with markets reacting to the turmoil. However, John Woods, chief investment officer at Lombard Odier, remarked that investors are “looking through this crisis” and focusing on South Korea’s earnings prospects, particularly in sectors like technology, chips, and artificial intelligence.
Yoon is the latest in a series of South Korean presidents to face impeachment, with Roh Moo-hyun and Park Geun-hye both removed in 2004 and 2016, respectively.
