South Korea’s President Yoon survives impeachment motion after ruling party boycotts vote

CNBC, December 7, 2024

Beleaguered South Korean President Yoon Suk Yeol on Saturday survived an impeachment motion triggered by his short-lived failed attempt to impose martial law earlier this week, after his ruling party boycotted the vote, according to South Korean news agency Yonhap.

The motion, tabled by opposition politicians including the leading Democratic Party, needed the support of two-thirds of South Korea’s 300-member National Assembly to pass. Allied lawmakers walked out ahead of the vote on Saturday, making it impossible to meet the required quorum for the impeachment vote.

Opposition members have previously said they would revisit the impeachment measure on Wednesday, if it failed the first time.

If successful, the motion would have stripped Yoon of his presidential authority with immediate effect. A presidential election would have to be held within 60 days if the incumbent is dismissed or resigns.

A second special counsel investigation bill against first lady Kim Keon Hee, who has recently been accused of exerting inappropriate influence, failed to pass in a Saturday vote, Reuters reported.

South Korea is no stranger to such proceedings, with two heads of state previously impeached since the turn of the century: Roh Moo-hyun in 2004 and Park Geun-hye in 2016.

Martial law

Yoon, who clinched power in a neck-and-neck presidential race in 2022, had an approval rate of just 19% before unexpectedly invoking martial law earlier this week for the first time since the military coup of 1979.

He cited the need to “protect the constitutional order based on freedom and eradicate shameful pro-North Korea anti-state groups, that are stealing freedom and happiness of our people,” according to NBC News reporting.

With 190 members present and protesters to the streets, the country’s parliament passed a resolution to lift martial law – as the political whiplash bled into the markets of Asia’s fourth-largest economy. South Korea’s Financial Services Commission said it stood ready to deploy a combined 50 trillion won ($35.22 billion) in funds to stabilize domestic stock and bond markets if needed, amid volatility.

https://www.cnbc.com/2024/12/07/south-koreas-president-yoon-survives-impeachment-motion-after-ruling-party-boycotts-vote.html