financetom
Business
financetom
/
Business
/
South Korea court begins review of Yoon impeachment over martial law proclamation
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South Korea court begins review of Yoon impeachment over martial law proclamation
Dec 16, 2024 12:50 AM

SEOUL (Reuters) -South Korea's Constitutional Court on Monday began reviewing the impeachment of President Yoon Suk Yeol over his Dec. 3 martial law proclamation, starting a process to decide if he will be removed from office, while investigators plan to question him this week on criminal charges.

The court will hold the first public hearing on Dec. 27, spokesperson Lee Jean told a news conference, after the court's six justices met to discuss plans for reviewing the impeachment by the opposition-controlled parliament on Saturday.

The court has up to six months to decide whether to remove Yoon from office or to reinstate him. The first hearing will be "preparatory" to confirm major legal issues of the case and the schedule among other matters, Lee said.

Yoon is not required to attend that hearing, she said.

In 2017, the court took three months to issue a ruling to strip then-President Park Geun-hye of the presidency following her impeachment for abusing the powers of her office.

Yoon and a number of senior officials also face potential charges of insurrection for the short-lived martial law.

A joint team from the police, the defence ministry and an anti-corruption agency are planning to call Yoon in for questioning at 10 a.m. (0100 GMT) on Wednesday in connection with the charges, a police official told Reuters.

The presidential security service declined to accept summons for Yoon to appear saying it was not in the position to do so, Yonhap news said. An anti-corruption agency said the summons was also sent by express registered mail.

The government, led by acting president Han Duck-soo, has continued to try to reassure international partners and investors, while political parties pledged to cooperate in efforts to stabilize the situation.

Early on Monday, the finance minister, Bank of Korea governor and top financial regulators met and pledged round-the-clock monitoring of financial and foreign exchange markets.

Yoon's surprise martial law declaration and the ensuing political crisis spooked markets and South Korea's diplomatic partners, worried over the country's ability to deter nuclear-armed North Korea.

PREPARING FOR TRUMP

Members of parliament have also raised concerns that the martial law debacle has been damaging at a time South Korea needs to be preparing for the second Donald Trump presidency in the U.S., the country's biggest ally.

Finance Minister Choi Sang-mok and ruling People Power Party floor leader Kweon Seong-dong discussed tackling economic challenges, including heightened uncertainty for the trade-dependent country created by Trump's pledge to hike tariffs.

Opposition Democratic Party leader Lee Jae-myung welcomed Trump's selection of his former intelligence chief to handle special missions including North Korea as a sign of commitment for dialogue to ease tensions.

Foreign Minister Cho Tae-yul said the nomination of Richard Grenell indicated North Korea will be one of the top priorities of Trump's presidency. Trump met North Korean leader Kim Jong Un on three occasions during his first term.

The benchmark KOSPI index fell on Monday, after last week's sharp gains prior to the impeachment, as traders were seen booking profit amid eased political uncertainty.

The Saturday impeachment vote passed with at least 12 members of Yoon's ruling party joining in favour, which has thrown the party into disarray with its leader Han Dong-hoon announcing his resignation on Monday.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
MS Dhoni invests in HomeLane, to endorse brand
MS Dhoni invests in HomeLane, to endorse brand
Aug 3, 2021
Home interiors company HomeLane on Monday said it has entered into a three-year strategic partnership with ace cricketer, Mahendra Singh Dhoni, as an equity partner and brand ambassador. As part of the partnership, Dhoni will own equity in HomeLane and will be its first brand ambassador, a statement said. Details of Dhoni's investment were, however, not disclosed.
Efficient distribution sector essential for improving ease of doing business: Niti Aayog VC Rajiv Kumar
Efficient distribution sector essential for improving ease of doing business: Niti Aayog VC Rajiv Kumar
Aug 3, 2021
Niti Aayog Vice Chairman Rajiv Kumar on Tuesday said a healthy and efficient distribution sector is essential for improving the ease of doing business, and for improving ease of life. Releasing a report titled 'Turning Around the Power Distribution Sector', Kumar said the report examines many important reforms such as the role of the private sector in distribution, power procurement, regulatory oversight, integration of renewable energy, and upgradation of infrastructure.
Ambuja Cements to invest Rs 310 crore to expand Ropar unit in Punjab
Ambuja Cements to invest Rs 310 crore to expand Ropar unit in Punjab
Aug 2, 2021
Ambuja Cements, part of Swiss building material major Holcim group (Earlier LafargeHolcim) on Monday said it will invest Rs 310 crore to expand the production capacity of its plant at Ropar, Punjab, over the next two years. The expansion at the Ropar plant is expected to be completed by June 2023 and after this total capacity of the cement grinding unit at Ropar will increase to 4.5 MTPA from 3 MTPA now, it added.
Kerala govt to implement 'revolving fund scheme' to revive COVID-hit tourism sector
Kerala govt to implement 'revolving fund scheme' to revive COVID-hit tourism sector
Aug 2, 2021
The Kerala government is getting ready to implement a 'revolving fund scheme' in the state tourism sector with an aim to revive the industry which had been shattered due to the outbreak of COVID-19. Tourism Minister P A Mohammed Riyas told the state Assembly that the proposed scheme envisaged to provide interest-free loans is aimed to support those employed in the industry who are facing challenges due to the pandemic spread.
Copyright 2023-2026 - www.financetom.com All Rights Reserved