Closing Summary…
We’re closing this blog now. Here’s a summary of the day’s events:
South Korea’s opposition-controlled National Assembly has voted to impeach the country’s acting leader, Han Duck-soo. The assembly approved the impeachment motion in a 192-0 vote on Friday. Governing party lawmakers boycotted the vote. Han, the No 2 official in South Korea, has been the caretaker leader after President Yoon Suk Yeol was impeached by the assembly over his short-lived imposition of martial law this month.
The South Korean won plummeted to 1,475.4 per dollar, down 0.53% ahead of the parliamentary vote. “Impeaching Han would only mean prolonged political uncertainties,” said Huh Jae-hwan, an analyst at Eugene Investment & Securities. “In terms of financial markets, (Choi) taking charge can only be bad news, as it only goes to show that political turmoil is ongoing.”
Choi Sang-mok, to become interim president after latest impeachment. By law, the finance minister, Choi Sang-mok, will become interim president. Choi had pleaded with opposition lawmakers not to go ahead with the motion. “An impeachment motion against the acting authority is no different from an impeachment motion against the entire cabinet,” he told a news conference with other cabinet members earlier on Friday.
South Korea’s Constitutional Court has 180 days to decide whether to reinstate or dismiss Yoon Suk Yeol. If Yoon is removed, Koreans will be invited to elect a new president within 60 days. Speaking in a preparatory hearing, Justice Cheong Hyung-sik said the court would move swiftly.
In a statement after the vote, acting president Han Duck-soo said he was saddened by his impeachment, but accepted the outcome. “I respect parliament’s decision and in order to avoid further chaos and uncertainty, I will suspend my duties in accordance with relevant laws,” he said.
