South Korean President Yoon Suk Yeol was impeached on Saturday following a contentious move to impose martial law earlier this month. The decision was made during a vote in the National Assembly after his brief declaration of martial law on December 3, which was swiftly overturned within six hours. Opposition lawmakers, along with some members of Yoon’s own People Power Party (PPP), including leader Han Dong-hoon, initiated the impeachment motion.
Under South Korea’s constitution, a new presidential election must be held within 60 days if the president is either dismissed or resigns. The first impeachment motion, which failed to garner the required 200 votes, was held on December 7 after PPP lawmakers staged a walkout. However, the situation shifted when Han Dong-hoon expressed his support for Yoon’s impeachment, altering the dynamics within the parliament.
Yoon had justified his martial law declaration by claiming it was necessary to preserve constitutional order and address pro-North Korea anti-state groups. However, the rapid reversal of the decision fueled fears that the president might seek a more expansive martial law declaration in the future.
Since taking office in 2022, Yoon has been embroiled in multiple scandals, particularly those involving his wife, businesswoman Kim Keon Hee. His approval rating plummeted to 17.3% after the martial law incident. Despite mounting pressure from opposition lawmakers and protesters for his resignation, Yoon remained resolute, asserting in a national address on Thursday that he would “fight to the end” and “stand firm” against the accusations.
Amid this political crisis, South Korea’s economy showed signs of instability, with market reactions to the political upheaval. However, John Woods, chief investment officer at Lombard Odier, noted that investors are “looking through this crisis” and focusing on South Korea’s future earnings potential, especially in key sectors such as technology, chips, and artificial intelligence.
Yoon’s impeachment marks the latest chapter in a history of presidential removals in South Korea, with former Presidents Roh Moo-hyun and Park Geun-hye both facing similar fates in 2004 and 2016.
