- Opposition parties in South Korea, whose lawmakers clashed with security forces to reject controversial martial law, filed a motion on Wednesday to impeach President Yoon Suk Yeol. “We have submitted an impeachment motion prepared immediately,” said Kim Yong-min of the opposition Democratic Party (DP).
- Lawmakers have not yet decided when the impeachment motion will be voted on, but it could come as soon as Friday. South Korea’s opposition controls the National Assembly. Following his ill-fated move to impose martial law, the opposition has threatened to impeach President Yoon if he does not resign voluntarily. If Mr. Yoon steps down or is removed from office, the South Korean constitution says Prime Minister Han Duk-soo would step in to perform the duties of the president.
- Earlier in a statement, the DP had said it would file “rebellion” charges against Yoon, his defense and interior ministers and “key military and police officials such as martial law commanders and police chiefs.” The National Assembly can impeach the President if more than two-thirds of MPs vote for it. The case is then tried by the Constitutional Court, which can confirm it by a vote of six of the nine judges.
- The opposition in South Korea has a large majority in the 300-member parliament and needs only a handful of defections from the president’s party to gain the two-thirds majority needed to pass a resolution. Earlier, even leaders of Yun’s own ruling party, which controls 108 seats in the 300-member legislature, described the attempt to bring in martial law as “regretful” while calling for those involved to be held accountable. Did.
- South Korean stocks sank on Wednesday, while the currency dropped to multi-year lows, but later rose after Tuesday night’s surprise announcement. The hours of martial rule in the country sent shivers through the business sector in Seoul, with investors keeping a close eye on the country’s developments.
- The Kospi index closed more than one percent lower, while falling as much as 2.3 percent at the open, as traders worried about the impact of Yun’s declaration of the Asian country’s first martial law in more than four decades. The turmoil comes as officials gear up for a second US presidency from Donald Trump, who has vowed to resume his harsh trade policies, analysts said.
- The South Korean Finance Ministry and central bank looked to stabilize and reassure markets by promising to inject funds if needed to prop up volatile financial markets. “As announced together with the government, it has been decided to temporarily supply adequate liquidity until the financial and foreign exchange markets stabilize,” the Bank of Korea said. It added that “the range of eligible securities for (repo) transactions and target institutions will be expanded”. Deputy Prime Minister Choi Sang-mok, who also holds the economy portfolio, said financial officials would keep international partners informed about developments.
- South Koreans went about their lives on Wednesday, with people going to offices, businesses and schools as usual. There were no visible signs in the capital, Seoul, that the stunning six hours of martial law and overnight high political drama had spilled over into everyday life. In this city of 90 lakh people, the day usually starts with morning rush hour on trains and roads. “At first, I was scared and very confused. I kept wondering, ‘What’s happening? Is this something that can really happen at this age?’ “I couldn’t sleep until martial law was lifted because I was so scared,” Seoul resident Gang Hae-soo, 50, told Reuters.
- President Yoon announced martial law in a live TV address around 10:30 pm on Tuesday night (13:30 GMT), but he was forced to withdraw the order after lawmakers ignored the vote in the National Assembly by police and special forces. He was forced to do so, after which he reversed this decision. , The presidential office said martial law was declared overnight to “minimize damage to the national economy and people’s lives”. South Korean soldiers armed with rifles, body armor and night vision equipment were seen entering the parliament building in Seoul through broken windows, while helicopters hovered in the night sky above the building.
- Immediately after the news of martial law being broken, thousands of protesters took to the streets demanding the reversal of the order and the removal of the President. Flag-waving protesters braved the cold and kept vigil outside parliament throughout the night in defiance of Mr Yoon’s martial law order. Several senior aides working for Mr. Yoon also offered to resign en masse over the martial law declaration on Wednesday.
