South Korean President Yoon Suk Yeol is under investigation for insurrection after he attempted to impose martial law.
Protesters have gathered outside of South Korea’s Parliament calling for President Yoon to be impeached
#politics southkorea #southkoreanpresident #yoonsukyeol
Protesters have gathered outside of South Korea’s Parliament calling for President Yoon to be impeached
#politics southkorea #southkoreanpresident #yoonsukyeol
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00:00Police officials here confirming during a parliamentary hearing today that they received a formal complaint into treason
00:06allegations against not just President Yoon, but also his defense minister, now former defense minister, as well as the interior minister.
00:13A no-travel ban, in fact, has been initiated on the foreign minister.
00:17He's widely been known, based on multiple sources, that he was the one that led this
00:22martial law plan and suggested it to President Yoon, and actually even gave the orders to
00:28deploy the military into the National Assembly, where we saw those tremendous
00:32pictures just 48 hours ago when that martial law was declared here in South Korea.
00:38But opposition party lawmakers are also not wasting any time into
00:42impeachment proceedings for the president. After introducing an impeachment motion in a plenary session just yesterday, a vote has been set here for
00:50Saturday evening at 7 p.m. Local Time, that's 10 GMT, where two-thirds of
00:56the MPs in the National Assembly need to approve
01:00this impeachment motion for President Yoon to be, in fact, impeached and sent to the Constitutional Court.
01:05But that isn't a done deal. The experts that I've spoken to say that, like you mentioned, eight
01:12conservative lawmakers need to vote against the aisle, across the aisle, and defect for it to reach that 200
01:19threshold for that motion to pass. And it all comes down to
01:23the leader of the Conservative Party, the ruling party, Han Dong-hun, who has 18 faction members within
01:29President Yoon's party, voted to lift that martial law
01:34declaration, but it's not certain right now whether they'll actually vote to approve this
01:39impeachment bill. Shane, the bid to impose martial law was short-lived. It only lasted a matter of hours.
01:46And what kind of long-term
01:48impact could all this cause, do you think, if any?
01:55Well, aside from the political fallout and the implications, which will probably persist until at least President Yoon
02:03is still in the presidential office, whether he is impeached or not. He may still, if he's not impeached, he'll be a
02:09ranked-up president, if he isn't already. But on the other side, if you look at the economic side of South Korea and the implications there,
02:16in the initial hours after
02:18the martial law was being imposed,
02:22financial officials here,
02:24regulatory officials,
02:26immediately convened to make sure that the fallout on the economy was very shallow and not as impactful.
02:33In fact, the finance ministry says it's ready to
02:36import
02:37unlimited amounts of liquidity into the market, and also the central bank saying that it's ready to dip into
02:43a $7 billion stock market stabilization fund. So in terms of the long-term effects on the economy,
02:49experts say that it'll probably be a little more dampened since Korea has gone through similar
02:55political upheaval in the past before, but the short-term sort of instability is definitely going to be here for investors.