South Korea’s lawmakers on Friday voted to impeach acting President Han Duck-soo, in the second head-of-state ousting this month after a short-lived martial decree on Dec. 3, according to South Korean news agency Yonhap.
Finance Minister Choi Sang-mok is next in line to take on the mantle of the acting presidency, according to South Korean law.
Han’s predecessor, President Yoon Suk Yeol, was impeached a mere two weeks prior, after imposing martial law for six hours at the start of the month for the first time since the military coup of 1979, citing 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.
Opposition lawmakers brought the motion against Han on Thursday over the acting president’s reluctance to immediately appoint three justices in the Constitutional Court, which is preparing to kick off deliberations on upholding Yoon’s impeachment or reinstating him. Han’s ruling People Power Party has argued that filling the Constitutional Court vacancies exceeds Han’s mandate as acting president. The Constitutional Court held a first hearing on Yoon’s case on Friday and has 180 days to reach its conclusion.
A simple 151 majority, rather than two-thirds of parliamentary support, was required to pass the Friday vote. The assembly approved Han’s impeachment motion with 192-0 in favor, while governing party lawmakers boycotted the poll, according to a Google-translated Yonhap update. The agency reports that Han has said he will respect the Friday decision.
Han’s own impeachment plunges South Korea into renewed political turbulence, shaking the foundations of its democratic success story and driving the Korean won down 0.40% to 1,472.22 after the Friday news. South Korea’s Kospi slid 1.02% during the Friday session. Earlier Friday, the Finance Ministry’s Choi warned of the economic and security impact of Han’s impeachment vote on Asia’s fourth-largest economy.
“In a time of global trade wars and national emergencies, the absence of a control tower for state affairs would cause severe damage to our country’s credibility, economy, national security and governance continuity,” Choi said, according to Yonhap.
The International Monetary Fund projects 2.5% growth in South Korea’s gross domestic product for 2024, and also a 2.5% inflation print over the period.
Source: CNBC