- Lawmakers from South Korea’s opposition parties have not yet decided when the voting on the impeachment motion will take place. But it is being said that voting on this can happen on Friday. After imposing martial law, the opposition has threatened to impeach President Yoon if he does not resign voluntarily. If Yoon steps down or is removed from office, the South Korean Constitution states that Prime Minister Han Duk-soo can assume presidential duties.
- The Democratic Party (DP) said in a statement that it would file rebellion charges against Yoon and his defense and interior ministers and key military and police officials such as the martial law commander and police chief. If more than two-thirds of the MPs in Parliament vote, the National Assembly can impeach the President. After this, the case is prosecuted by the Constitutional Court.
- In South Korea, the opposition has a large majority in the 300-member parliament. Only a few MPs will be needed to achieve the two-thirds majority required to pass the motion. The ruling party has the support of 108 seats. The opposition has described the attempt to introduce martial law as tragic, while calling for those involved to be held accountable.
- The effect of martial law in South Korea was also seen on the stock market. Stocks sank, while the currency fell to multi-year lows. The hours of martial rule in the country sent shivers through the business sector in Seoul.
- The Kospi index closed down more than one percent, while it opened down by 2.3 percent. Investors were worried about the impact of the declaration of martial law here.
- The South Korean Finance Ministry and the central bank have appealed for help if needed to support unstable financial markets. The Bank of Korea said the range of eligible securities for (repo) transactions and target institutions will be expanded.
- South Koreans continued going to offices, businesses and schools as usual on Wednesday. The 6-hour martial law in the capital Seoul does not seem to have any significant effect. In this city with a population of 90 lakh, the day started as usual with congestion in trains and roads. A local resident of Seoul said that he could not sleep until martial law was lifted because he was so scared. I kept wondering, ‘What is happening?
- President Yoon announced martial law in a live TV address at around 10:30 pm on Tuesday night. But after ignoring the voting in the National Assembly, he was forced to withdraw the order, after which he reversed this decision. The presidential office said martial law was declared at night to minimize damage to the national economy and people’s lives.
- Earlier this year, the National Assembly elections in South Korea gave a huge mandate to the opposition. In such a situation, President Yoon did not have much power and President Yoon was not successful in passing laws. Yun has been forced to veto the bills.
- According to the report of South Korea’s news agency ‘Yonhap’, South Korea’s opposition Democratic Party leader Lee Jae-myung has said that the declaration of martial law is unconstitutional. On the other hand, it is also being claimed that the head of the ruling People’s Power Party, Han Dong-hoon, has also called martial law wrong and has demanded to stop it.
South Korean President withdrew the decision of martial law within 6 hours, now proposal for impeachment presented
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