South Korean President Yoon Suk Yeol was impeached on Saturday after attempting to declare martial law earlier this month. The impeachment motion, initiated by opposition lawmakers, garnered support from some members of Yoon’s own People Power Party (PPP), including party leader Han Dong-hoon.
The controversial martial law declaration on December 3, which Yoon rescinded within six hours, sparked widespread criticism. He defended the move as a measure to uphold constitutional order and counteract alleged pro-North Korea anti-state groups. However, fears emerged that Yoon might attempt another, more extensive martial law declaration.
An initial impeachment vote on December 7 fell short of the required 200 votes after a PPP walkout. The dynamics shifted when Han Dong-hoon backed the motion, resulting in its approval. According to South Korean law, a presidential election must take place within 60 days if a president is dismissed or resigns.
Yoon, who took office in 2022, has been mired in controversies, many involving his wife, Kim Keon Hee, a prominent businesswoman. Following the martial law attempt, his approval ratings plummeted to 17.3%. Despite widespread protests and calls for his resignation, Yoon addressed the nation on Thursday, vowing to “fight to the end” and rejecting the opposition’s accusations.
The impeachment has created political instability, with concerns over its impact on South Korea’s economy. However, John Woods, chief investment officer at Lombard Odier, noted that investors remain focused on the country’s long-term economic prospects, particularly in technology, semiconductors, and artificial intelligence sectors.
Yoon now joins a list of South Korean presidents who have faced impeachment, including Roh Moo-hyun in 2004 and Park Geun-hye in 2016. His impeachment underscores the turbulent nature of South Korea’s political landscape.
