SEOUL: South Korean police have launched an investigation into President Yoon Suk Yeol over allegations of “insurrection” tied to his recent declaration of martial law, a senior police official confirmed on Thursday.
Woo Jong-soo, head of the National Investigation Headquarters at the National Police Agency, told lawmakers that “the case has been assigned,” according to available footage.
President Yoon continues to face intense political pressure after his abrupt imposition of martial law on Tuesday, which was met with widespread condemnation. Civilian rule was suspended as troops and helicopters were deployed to parliament, only for lawmakers to reject the measure, forcing Yoon to reverse his decision amidst a night of protests and political upheaval.
The opposition quickly filed an impeachment motion, accusing Yoon of “gravely violating the constitution and the law.” A parliamentary vote on the motion is scheduled for Saturday at 7:00 pm (1000 GMT), according to Yonhap News Agency.
The turmoil has further destabilized South Korea’s political and economic landscape. On Thursday, equities in Seoul extended losses, although the won showed signs of stabilization. Analysts noted that the swift reversal of martial law demonstrated the strength of South Korea’s democratic institutions.
“The silver lining is that the quick U-turn underscores the resilience of South Korea’s institutions,” said analysts at BMI, a Fitch Solutions unit. They added that the Bank of Korea and the Ministry of Finance had acted swiftly to reassure investors by committing to short-term liquidity boosts and measures to stabilize forex markets.
In early trading, the Kospi was down 0.3%, recovering slightly after a more than 1% drop on Wednesday. The won remained steady at around 1,415 to the dollar, slightly improving after its earlier dip during the crisis.
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